President Biden told reporters Friday that he hopes to have evidence by the end of the night about a debt ceiling deal between White House negotiators and House Republicans.
“In terms of the debt ceiling, things look good,” the president told reporters on the South Lawn of the White House. “I am very optimistic. I hope that tonight before the clock strikes 12 noon we will have clear evidence that an agreement will be reached. But it is very close and I am optimistic. is”
Asked to repeat after hearing Marine One’s roar, the president said: “Hopefully we’ll know by tonight if there’s an agreement.”
House Speaker Kevin McCarthy’s negotiating team and the White House negotiating team have met virtually and in person for several days, attempting to: negate a disagreement between parties.
Shortly before the president’s speech, Treasury Secretary Janet Yellen said: Changed estimated ‘X’ days This marks when the US will start not being able to pay its bills, by June 5th.
“Since January, the Secretary’s letter to Congress estimated that the Treasury Department did not have sufficient funds to meet its government obligations in early June, and benefited from additional data on spending and income. As a result, the Treasury can now come up with a more specific estimate,” June 5,” said Lael Brainard, director of the National Economic Council, in a statement Friday night. “Negotiating parties have been making progress toward a reasonable bipartisan budget deal in recent days, and the Secretary’s letter underscores the urgent need for Congress to act quickly to prevent a default.”
Even if a deal is reached, the risk of default remains and time is running out. With many lawmakers out of town for the Memorial Day holiday, it will take time for the bill to pass both houses.
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