The federal government is perilously close to being unable to make payments on the country’s debt. It is up to Congress to vote to increase the nation’s borrowing cap, known as the debt limit. But House Speaker Kevin McCarthy, R-Calif., is in a standoff with President Joe Biden over Republican demands to tie the debt limit to spending caps and other policy demands.
Treasury Secretary Janet Yellen has warned that the country could run out of borrowing authority by June 1, leaving negotiators little time to reach an agreement.
Biden recently met with McCarthy, House Democratic Leader Hakeem Jeffries, D-N.Y., Senate Majority Leader Chuck Schumer, D-N.Y., and Senate Minority Leader Mitch McConnell, R-Ky., to discuss a path forward. The group failed to reach a deal but staff level talks are ongoing in an effort to avoid default.
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