Biden calls for meeting as US to run short of cash FMTNews FMTWorld
US president Joe Biden has summoned the top four congressional leaders to the White House to try to avert a fiscal crisis.
US Treasury secretary Janet Yellen said in a letter to Congress that the agency will be unlikely to meet all US government payment obligations “by early June, and potentially as early as June 1” without action by Congress. After hitting the US$31.4 trillion borrowing cap on Jan. 19, Yellen previously told Congress Treasury would keep up payments on debt, federal benefits and make other outlays at using cash receipts and extraordinary cash management measures.
The White House has asked Congress to raise the debt limit without conditions; administration officials are already making plans to negotiate with Republicans over the president’s 2024 budget plan.
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