In a new letter to House Speaker Kevin McCarthy, Treasury Secretary Janet Yellen said the U.S. government will break the debit limit by June 1, and warns of waiting it out.
Former Congressional Budget Office Director Douglas Holtz-Eakin joined ‘Cavuto: Coast to Coast’ to discuss the GOP’s push for work requirements as the debt ceiling standoff continues.to House Speaker Kevin McCarthy, Treasury Secretary Janet Yellen warned that if Congress and the president do not reach a debt limit increase, the U.S. government will run out of money to pay debts by June 1.
The House passed a debt limit increase in April that also includes a package of spending cuts for which Biden, Democratic House Minority Leader Hakeem Jeffries and Democratic Senate Majority Leader Chuck Schumer have all rejected. However, the Senate has yet to pass any companion bill and the clock continues to tick away.
Biden and McCarthy met again today at the White House at 5:30 p.m. to continue negotiations. Early on Monday, McCarthy told Fox Digital he would cancel the House of Representative's planned recess next week if a deal isn't reached.
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