Outline of deal to avoid US debt default emerging but key sticking points remain

There have been some suggestions that the $10 billion removed from the funding for the revenue service could be used to soften the blow in relation to cuts in other areas such as education or environmental protection.

In the meantime, the Biden administration and Mr McCarthy are under pressure from their left and right flanks who are unhappy with proposed elements of the outline deal, which have been leaked. The US treasury department has warned that it could be unable to cover all its obligations as soon as June 1st, but also has made plans to sell debt worth $119 billion that will come due on that date, suggesting to some market observers that it this is not a cast iron deadline. Hard line republicans have expressed scepticism about the timelines put forward by Ms Yellen for the Government to run out of money to pay its bills.

Source: Loan Digest (loandigest.net)

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