The Treasury Department says the government would run short of funds to pay all its bills on June 5 without congressional action
Top congressional Republican Kevin McCarthy said on Saturday he was making “progress” in negotiations with Democratic President Joe Biden on raising the federal government’s debt ceiling, as the nation faced risk of default in little more than a week.
“We do not have a deal,” McCarthy told reporters. “We are not there yet. We did make progress, we worked well into early this morning. And we’re back at it now.” Republicans have sought to curb government spending sharply over the coming 10 years to slow the growth of the U.S. debt, which is now equal to the annual output of the economy.The two sides have tentatively reached an agreement that would raise the debt ceiling by enough to cover the country’s borrowing needs through the November 2024 presidential election.
Biden’s signature infrastructure and green-energy laws would remain intact, while the Internal Revenue Service would see its recent budget increase scaled back slightly.
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