Treasury Secretary Janet Yellen says new data reinforces an earlier warning that the US could default on its debts as early as June 1, ahead of crunch talks between President Joe Biden and Republican leaders
They also want to expedite domestic energy production projects, simplify the process for obtaining permits for pipelines and refineries, claw back unspent Covid relief funding and impose work requirements for social programs.
Some senators have acknowledged that they may have to cancel the Memorial Day recess beginning on Thursday to get a deal finalised, although there is no official plan to do so. As the X-date draws closer, Democrats in Congress have begun considering a range of alternatives, including using an arcane congressional procedure to bypass McCarthy.
The legal argument for doing so hinges around language in the Civil War-era amendment stating that US sovereign debt"shall not be questioned," which some legal scholars believe would allow the Treasury to simply ignore the debt limit.
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