The president and House Speaker Kevin McCarthy are trying to strike a budget deal before the U.S. Treasury runs out of cash to keep paying the nation’s bills, which could occur as soon as June 1
While Biden has remained upbeat that “we’ll be able to do this,” McCarthy is prodding the president to move faster to avert a crisis. The Republican speaker says they need an agreement soon to avoid default. Expectations are low that a deal is that close at hand. Instead, it is more likely that staff talks will continue while the president is overseas.But Biden was optimistic, saying over the weekend, “There’s a desire on their part as well as ours to reach an agreement.
Talks have been under way at the Capitol for much of the past week, closed-door discussions where White House and congressional staff are discussing what it would take to craft a budget deal that would unlock a separate vote to lift the nation’s borrowing capacity, now set at $31 trillion. “An American president should focus on the solutions of America,” McCarthy said ahead of Biden’s trip.
Compounding pressure on Washington to strike a deal, Treasury Secretary Janet Yellen said Monday that agency estimates are unchanged on the possible X-date when the U.S. could run out of cash — perhaps as early as June 1. Details of a potential budget deal remain politically daunting, and it’s not at all clear they go far enough to satisfy McCarthy’s hard-right faction in the House or would be acceptable to a sizable number of Democrats whose votes would almost certainly be needed to secure any final deal.
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