Yellen renewed her warning in a letter to Congress that inaction on raising the borrowing limit would “cause severe hardship.”
Anxious retirees and social service groups were among those making default contingency plans as lawmakers left town for the long holiday weekend.“The world is watching,” said International Monetary Fund Managing Director Kristalina Georgieva after meeting Friday with Yellen.
While the contours of the deal have been taking shape to cut spending for 2024 and impose a 1% cap on spending growth for 2025, the two sides remain stuck on various provisions. Lawmakers are tentatively not expected back at work until Tuesday, just two days from the June 1 “X-date” when Treasury Secretary Yellen has said the US could face default.
Weeks of negotiations between Republicans and the White House have failed to produce a deal — in part because the Biden administration resisted negotiating with McCarthy over the debt limit, arguing that the country’s full faith and credit should not be used as leverage to extract other partisan priorities.One idea is to set the topline budget numbers but then add a “snap-back” provision to enforce cuts if Congress is unable during its annual appropriations process to meet the new goals.
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