The Treasury Department has warned it will begin running out of money to pay the nation’s bills as soon as June 1, though an estimate Friday by the nonpartisan Congressional Budget office put the deadline at the first two weeks of June, potentially buying the negotiators time.
"We’ve not reached the crunch point yet," Biden told reporters Saturday before flying to Delaware for the weekend. "There’s real discussion about some changes we all could make. We’re not there yet."The contours of an agreement between the White House and Congress are within reach even if the political will to end the standoff is uncertain.
MORE: Ambitious agenda for Biden on upcoming three-nation Indo-Pacific trip as debt default looms at home The nation’s debt load has ballooned in recent years to $31 trillion. That’s virtually double what it was during the last major debt ceiling showdown a decade ago, when Biden, as vice president to President Barack Obama, faced the new class of tea party Republicans demanding spending cuts in exchange for raising the debt limit.
"Most of the big things we did are done — and they did an enormous amount of good," said Sharon Parrott, president of the Center for Budget and Policy Priorities in Washington. A case in point: A core group of Midwestern Republican lawmakers prevented a rollback of the Inflation Reduction Act’s biofuel tax credits their colleagues wanted to scrap, persuading McCarthy to leave that out of the House bill. The federal money is propping up new investments in corn-heavy agriculture states.
In fact, Democrats say if Republicans spare defense and veterans from reductions, the cuts on the other departments would be as high as 22%.
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