President Biden reversed course Monday and invited House Speaker Kevin McCarthy and other congressional leaders to the White House next week for talks, as the Treasury Department warned the U.S. could default on some of its bills as early as June 1.
“Our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1,” wrote Ms. Yellen.
With time running out, it wasn’t clear whether Mr. Biden’s position would hold. The House-passed legislation would raise the debt ceiling by $1.5 trillion until May 2024 in exchange for $4.8 trillion in spending cuts.bill would cut federal spending by $130 billion for the upcoming fiscal year and limit budget growth to 1% annually over the next decade.
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