Citing additional data, Treasury Secretary Janet Yellen reaffirmed to Congress that the U.S. could default on its debt as early as June 1.
to meet Tuesday to continue negotiations over potential spending cuts in exchange for House passage of a debt ceiling hike. The Democratic majority Senate is expected to back whatever the White House negotiates with the GOP controlled House.Presidentsounded optimistic this past weekend about reaching a deal with Republicans to raise or suspend the debt limit in time to avoid economic fallout from even a potential U.S. debt default.
"I really think there's a desire on their part, as well as ours, to reach an agreement, and I think we'll be able to do it," Biden told reporters Sunday in Delaware. He added, "I remain optimistic because I'm a congenital optimist.""I still think we're far apart," McCarthy told NBC News on Monday outside the Capitol, adding, "It doesn't seem to me yet that they want a deal.
"In fact, we have already seen Treasury's borrowing costs increase substantially for securities maturing in early June," said Yellen. The Tuesday meeting between Biden, House Speaker Kevin McCarthy, R-Calif., Minority Leader Hakeem Jeffries, D-N.Y., Senate Majority Leader Chuck Schumer, D-N.Y., and Minority Leader Mitch McConnell, R-Ky was initially scheduled for Friday, but postponed until Tuesday to give aides more time to talk.
"If the debt limit remains unchanged, there is significant risk that at some point in the first two weeks of June, the government will no longer be able to pay all of its obligations," said the CBO report.
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