![]() ![]() ![]() On Wednesday, President Biden will depart Washington for a weeklong trip to the Pacific Rim nations, including Japan, Papua New Guinea, and Australia. If that happens, Yellen and other economists have warned it would result in a global economic meltdown, including the loss of millions of jobs. The negotiators continue to operate under an increasingly short time schedule Treasury Secretary Janet Yellen has stated that the federal government reached the statutory cap on borrowing in January and the Treasury has since been using extraordinary measures to make cash available, which is due to run out as early as June 1. Many Republicans are still pushing for streamlining to expedite domestic energy production projects and ease permitting on pipelines and refineries, clawbacks on unspent COVID-19 relief funding, and work requirements for social programs, including Medicaid and food assistance. There was little progress made in last week’s initial meeting, but congressional staffers and the White House leadership engaged to try to build a consensus, indicating that talks are going well and expressing guarded optimism that a deal can be reached. On Tuesday, President Biden will meet again with top congressional leaders, including House Speaker Kevin McCarthy (R-CA), Senate Majority Leader Chuck Schumer (D-NY), Senate Minority Leader Mitch McConnell (R-KY), and House Minority Leader Hakeem Jeffries (D-NY), to continue negotiations on raising the debt limit. ![]() ![]() Both the House and Senate are in this week. ![]()
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