Deadline Is HERE – No Progress Made!

Photo by Darren Halstead on Unsplash

( – On Monday, President Joe Biden and House Speaker Kevin McCarthy ended their discussions without reaching an agreement on increasing the $31.4 trillion debt ceiling and are planning on continuing negotiations. The tentative deadline before the country potentially defaults is June 1st.

The two men have not made significant progress on a debt ceiling increase in the past couple of months, as McCarthy has insisted that any debt limit increase should be accompanied by spending cuts; however, the White House has pushed for the debt limit to be increased without the spending cuts being a part of the deal. They have also pushed back against the cuts proposed by the Republicans, calling them “extreme,” and instead supported the idea of increasing taxes on the wealthy. This plan has been rejected by the Republicans.

Following the meeting, McCarthy told reporters that the discussion with the president was productive but that an agreement had not yet been reached. He added that, in his mind, they could still possibly reach an agreement on time.

Prior to the meeting, Biden had also expressed optimism about the progress being made. Both sides are currently trying to reach a bipartisan agreement that they will be able to “sell” to their voters.

On Monday, Treasury Secretary Janet Yellen once again issued a reminder about the earliest possible date that the U.S. will default on its debt being June 1st and stated that the Treasury would most likely not be able to cover all government obligations by early June if a debt ceiling increase was not agreed on.

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