Treasury now says the government could start running out of money as soon as a week from Monday.
Discussions will continue later this week between President Biden and House Speaker Kevin McCarthy on the "debt ceiling." But how does this all affect the average American? Dr. Antonio Saravia with Mercer University joined LiveNOW from FOX's Josh Breslow to break it down.Treasury Secretary Janet Yellen said Friday the projected debt ceiling deadline is extended to June 5, four days later than previously estimated.
The X-date arrives when the government no longer has enough of a financial cushion to pay all its bills, having exhausted the measures it’s been using since January to stretch existing funds.Republican debt negotiators and the White House Democrat Biden and the Republican speaker were narrowing differences, laboring to lock in details on a two-year agreement that would restrain federal spending and lift the legal borrowing limit past next year's presidential election.
He was referring to Office of Management and Budget Director Shalanda Young who attended the event as did Rep. Garret Graves of Louisiana, a top Republican negotiator.A player from the LSU women's basketball team collapsed at the White House during a ceremony to honor the championship team. Biden will also be away this weekend, departing Friday for the presidential retreat at Camp David, Maryland, and Sunday for his home in Wilmington, Delaware. The Senate is on recess and will return after Memorial Day.
Over the Republican demand to rescind money for the Internal Revenue Service, it's still an "open issue" whether the sides will compromise by allowing the funding to be pushed into other domestic programs, the person said. Watchful Democrats, though, are also pressing Biden. The top three House Democratic leaders led by Rep. Hakeem Jeffries spoke late Thursday with the White House.
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