President Biden told reporters Friday that he hopes they will have proof by the end of the night of the debt ceiling agreement between White House negotiators and House Republicans.
“In terms of the debt limit, things look fine,” the president told reporters at the White House South Lawn. “I’m very hopeful. Hopefully we’ll have some clearer evidence tonight before it hits 12 that we have a deal. But it’s very close, and I’m hopeful.”
Asked to repeat himself amidst a roar from Marine One, the chief said he was “hopeful that by tonight we’ll know if we’ll be able to strike a deal.”
House Speaker Kevin McCarthy’s negotiating team and the White House negotiating team have met virtually and in person for several days, trying to Reach out the differences between two sides.
Shortly before the president spoke, Treasury Secretary Janet Yellen About estimated date “X” – which indicates when the US will begin to be unable to pay its bills – until June 5th.
“The Secretary of the Treasury’s letters to Congress since January have estimated that the Treasury will not have sufficient resources to meet the government’s obligations in early June, and with additional data on expenditures and receipts, the Treasury is now able to make a more specific estimate of the budget,” said Lyle Brainard, director of the National Economic Council. Negotiators have made progress toward a reasonable bipartisan budget agreement in recent days, and the Secretary of State’s letter underscores the urgent need for Congress to move quickly to prevent default.
The risk of default persists even if there is a deal, with time being short. Many members of Congress are out of town for Memorial Day weekend, and it will take some time for legislation to pass through both chambers.
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