WASHINGTON, D.C. (NBC) – The nation’s critical debt ceiling is set to expire at the end of the month. Treasury Secretary Janet Yellen told NBC News that early June is a “hard deadline” for the U.S. to pay its bills.
A high-stakes showdown is expected Monday at the White House between President Biden and House Speaker Kevin McCarthy as the clock ticks toward a default deadline.
The two will meet face-to-face without other congressional leaders after what was described as a “productive” call on Sunday.
Biden sounded optimistic after returning from the G7 summit.
At the summit, the president insisted default is off the table among all four congressional leaders.
“I’ve done my part we put forward a proposal to cut spending by more than a trillion dollars,” President Biden said. “Now it’s time for the other side to move.”
Biden revisited invoking the 14th Amendment to raise the debt ceiling alone. “I think we have the authority,” he said.
Though Treasury Secretary Janet Yellen cast doubts on the idea Sunday and also reinforced that June 1 date as the deadline for an agreement
“I certainly haven’t changed my assessment,” Yellen said. “So I think that that’s a hard deadline.”
The clock is ticking for a bipartisan compromise.
Throughout negotiations, Republicans have demanded to curb overall spending and pressed on extending Trump-era tax cuts that could add over three trillion to the debt. Those are proposals the president said are “unacceptable.”
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