Show key events only
Treasury confirms 1 June remains debt limit deadline as deal remains elusive
Good morning, US politics blog readers. Congress got some bad news from Treasury secretary Janet Yellen yesterday afternoon in the form of a letter to top lawmakers that said early June, perhaps as soon as the first day of the month, is the day when the US government will run out of money and potentially default for the first time in history. Joe Biden and Republican speaker of the House Kevin McCarthy have since last week been negotiating some kind of bargain to prevent that from happening, but despite another round of face-to-face talks yesterday, have yet to reach an agreement. Yellen’s letter confirms that there is unlikely to be any wiggle room for the two sides if they want to prevent what is expected to be an economically catastrophic debt crisis. Expect to hear more about this long-running standoff throughout today.
This article was written by Chris Stein and originally published on www.theguardian.com