Lower-than-expected tax revenue is adding pressure on President Biden and House Speaker Kevin McCarthy to hike the nation's debt limit by a June 1 deadline or face default.
“We’re moving along,” Mr.
In order to make up the difference, the federal government borrows billions of dollars monthly to meet expenses and make interest payments on the national debt. In mid-January, the U.S. Treasury breached its $31.38 trillion borrowing cap and has been exercising “extraordinary measures” to ensure the government can keep paying its debts.
The CBO report confirming a default deadline in early June “is a timely reminder that as lawmakers work to raise the debt ceiling, they should also address the underlying problem of our rapidly growing national debt,” said Michael Peterson, CEO of the fiscal watchdog group Peter G. Peterson Foundation.
“If you look at this package, it represents the most common sense, straightforward approach to addressing the spending problem that got us here as we confront the debt ceiling,” said House Majority Leader Steve Scalise, Louisiana Republican.has signaled that gutting provisions from his signature $739 billion climate and health care law is a non-starter.
Rescinding unspent coronavirus relief is a likely area of compromise. House Republicans have long called for the move, and Democrats have indicated that they are open to the idea.
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