Debt Ceiling

A new estimate finds the U.S. could face an unprecedented default on its obligations as soon as early June if Congress does not act to lift the debt limit.

Treasury will exhaust its emergency measures sometime between July and September unless Congress raises the debt ceiling, the Congressional Budget Office says.

President Joe Biden and House Speaker Kevin McCarthy, R-Calif., met at the White House to discuss a range of issues, including raising the debt ceiling.

The House speaker arrived for the afternoon session carrying no formal GOP budget proposal, but he is laden with the promises he made to far-right and other conservative Republican lawmakers during his difficult campaign to become House speaker.

President Biden wants a clean vote, authorizing the federal government to increase the $31 trillion national debt ceiling, which we will hit in June. Speaker McCarthy says he’s open to that, with provisions that the vote includes cuts in the current national budget. NBC Bay Area Political Analyst Larry Gerston examines why they can’t find common ground.

House Speaker Kevin McCarthy says he’s looking forward to discussing with President Joe Biden a “reasonable and responsible way that we can lift the debt ceiling” when the two meet Wednesday at the White House.