President Joe Biden invited Congress’ top four leaders in both parties to a May 9 meeting after the Treasury Department delivered a stark Monday warning: The nation could hit its existing debt ceiling as soon as June 1.
Biden called Hill leaders following Treasury Secretary Janet Yellen’s warning that the U.S. could default on its $31.4 trillion in debt in as little as 30 days. Yellen’s stunning forecast piles new pressure on Hill leaders and the White House to strike a bipartisan fiscal deal as cross-party talks remain deadlocked.
While the secretary’s letter was sent after markets closed on Wall Street, the prediction landed hard on the Hill, where lawmakers hoped they’d have months to maneuver past the current impasse between Biden and Speaker Kevin McCarthy. Now, they could have only a few weeks before a potential economic catastrophe.
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