U.S. Treasury warns government will likely default on some bills as early as June
U.S. lawmakers are staring down a June 1 deadline of potentially defaulting on bills if Congress does not act to address the debt limit before then.
Congressional leaders are being summoned to the White House to try and come to an agreement over the debt ceiling dispute.
The move comes after the Treasury warned that the government would be likely to default on some bills as early as June if Congress does not raise the debt ceiling.
The Biden administration called on Congress to suspend the debt limit.
But Republicans say President Joe Biden and the Democrats are playing Russian roulette with America’s economy after a two-year spending binge that brought 40-year high inflation and pushed the nation’s debt to over $31 trillion.
Next week leaders from both parties of the House and Senate will meet at the White House for sit-down discussions.
