For the first time since becoming House speaker, California Republican Kevin McCarthy will meet Wednesday with President Joe Biden to discuss, among other things, how to avoid a default on the U.S. debt.
The federal government reached its $31.4 trillion debt limit earlier this month, and since then the Treasury Department has been taking “extraordinary measures” to ensure the country pays its bills and avoids a default. But those measures could be exhausted as early as June, Treasury Secretary Janet Yellen says.
That means Congress has to act, by either raising or suspending the debt limit. Failing to do so would mean an unprecedented and potentially catastrophic default on U.S. debt.
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