McCarthy says negotiators are ‘closer to an agreement’ on debt crisis, but no deal yet

By MARY CLARE JALONICK and KEVIN FREKING

Their optimism came as Treasury Secretary Janet Yellen told Congress that the United States could default on its debt obligations by June 5 — four days later than previously estimated — if lawmakers do not act in time to raise the federal debt ceiling. The extended “X-date” gives the two sides a bit of extra time as they scramble for a deal.

They also are hearing from other lawmakers, particularly Rep. Josh Gottheimer, D-N.J., of the bipartisan Problem Solvers Caucus. Failure to lift the borrowing limit, now $31 trillion, to pay the nation’s incurred bills, would send shockwaves through the U.S. and global economy. Yellen said failure to act by the new date would “cause severe hardship to American families, harm our global leadership position and raise questions about our ability to defend our national security interests.”

The Republican proposal on work requirements would save $11 billion over 10 years by raising the maximum age for existing standards that require” able-bodied adults who do not live with dependents to work or attend training programs. Any deal would need to be a political compromise in a divided Congress. Many of the hard-right Trump-aligned Republicans in Congress have long been skeptical of the Treasury’s projections, and they are pressing McCarthy to hold out.

Source: Loan Digest (loandigest.net)

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