Debt ceiling talks don’t seem to be going very well, since time is running out for a deal to be reached and for legislation to be signed, sealed, and delivered before the Treasury begins running out of money around June 1.
On Wednesday, House Speaker Kevin McCarthy emphasized that Republicans require budget cuts before agreeing to raise the debt ceiling. The White House is open to freezing spending but maintains that safeguarding the United States' full faith and credit should not be compromised by budget negotiations. Treasury Secretary Janet Yellen expressed concern that the debt ceiling crisis may still impact the economy even if a deal on the debt ceiling is reached.
