Biden hopes for “evidence” of possible debt ceiling deal by Friday’s end
President Biden told reporters on Friday that he hoped to have evidence by the end of the night of a debt ceiling deal between White House negotiators and House Republicans.
Speaking to reporters on the South Lawn of the White House, the president said things are looking good on the debt ceiling. “I’m very optimistic. I hope we’ll have some clear evidence tonight before the clock strikes 12 that we’ve got a deal. But it’s very close, and I’m optimistic.”
Asked to repeat himself over the roar of Marine One, the president said he “hopes we’ll know by tonight if we’re going to be able to reach an agreement.”
House Speaker Kevin McCarthy’s negotiating team, and the White House’s negotiating team, have been meeting virtually and in person for several days, trying to Resolve differences between the parties.
Shortly before the president spoke, Treasury Secretary Janet Yellen Moved the estimated “X” date. – which indicates when the US will start defaulting on its bills – by June 5th.
“The Secretary’s letters to Congress from January projected that the Treasury would have insufficient resources to meet the government’s obligations in early June and, with the benefit of additional spending and receipts data, the Treasury Department now has been able to provide a more specific estimate. June 5,” National Economic Council Director Lyle Brainard said in a statement Friday evening. “Negotiators have made progress in recent days toward a reasonable, bipartisan budget agreement, and the Secretary’s letter underscores the urgent need for Congress to act quickly to prevent a default.”
The risk of default continues even in the case of a deal, with a reduced time frame. Many members of Congress are out of town for the Memorial Day holiday, and it will take time to pass legislation through both chambers.
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