US Treasury Secretary Janet Yellen says the projected debt ceiling deadline is extended to June 5, four days later than previously estimated.
Treasury now says the government could start running out of money as soon as a week from Monday, sending the US into a potentially catastrophic default with economic spillover around the world.
Any deal would need to be a political compromise, with support from both Democrats and Republicans to pass the divided Congress.While the contours of the deal have been taking shape to cut spending for 2024 and impose a 1 per cent cap on spending growth for 2025, the two sides remain stuck on various provisions.
Weeks of negotiations between Republicans and the White House have failed to produce a deal — in part because the Biden administration resisted negotiating with Mr McCarthy over the debt limit, arguing that the country's full faith and credit should not be used as leverage to extract other partisan priorities.
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