![]() ![]() ![]() Democrats, meanwhile, are unwilling to give up some spending they enacted in 2022, when they had the majority. Some Republicans, flexing their majority in the House, argue the country must make tough choices regardless of the outcome. Economists and government officials say it would be a financial calamity of untold proportions. You’re going to hear a lot more about this in the coming days as the country hurtles toward what previously seemed unthinkable: US lawmakers failing to agree to pay the nation’s debts. It’s also not clear what a potential deal to avert a first-ever default will look like. The clock is ticking down to a US default, but it’s not entirely clear when the US will officially run out of cash. ![]() With no bill to vote on, House lawmakers left Washington for the Memorial Day weekend and will be given 24 hours’ notice to return if a deal is reached. There are signs that negotiations over raising the nation’s debt limit are gaining momentum, but major differences remain and it’s unclear how quickly an agreement could come together. House Republicans are insisting on spending cuts before they will agree to raise the nation’s debt ceiling past $31 trillion.ĭemocrats argue Congress already spent the money and must be allowed to repay America’s debt holders without an embarrassing and economically disastrous default. ![]()
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