![]() ![]() 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.īiden 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. But House Speaker Kevin McCarthy, R-Calif., is in a standoff with President Biden over Republican demands to tie the debt limit to spending caps and other policy demands. It is up to Congress to vote to increase the nation's borrowing cap, known as the debt limit. ![]() The federal government is perilously close to being unable to make payments on the country's debt. debt ceiling has begun to raise worries in parts of the financial markets. Brinkmanship in Washington over raising the U.S. People pass the front of the New York Stock Exchange in New York, on March 22. ![]()
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