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US president and congressional leaders due to talk as potential default risk rises ahead of 1 June deadline
Good mornings, US politics blog readers. Talks between Democrats and Republicans over raising the debt limit have gone the direction the pessimists told us they would. We’re only 16 days away from 1 June, when the US government – having hit the legal limit on how much money it can borrow months ago – is expected to exhaust its cash on hand and could default on its debt obligations, potentially causing a financial calamity.
Joe Biden and top lawmakers in Congress have seen this day coming for months, and they’ve been negotiating for weeks, but there’s still no deal to raise the borrowing limit even though both parties say a default must be avoided.
The treasury secretary, Janet Yellen, is speaking this morning to a conference of the Independent Community Bankers of America in Washington DC, where she may elaborate on the administration’s view of the debt ceiling standoff.
You may hear more about the report special counsel John Durham released on Monday examining the origins of the 2016 investigation into Donald Trump’s ties to Russia.
Michael McCaul, the Republican chair of the House foreign affairs committee, may hold the secretary of state, Antony Blinken, in contempt over his refusal to turn over a 2021 dissent cable written by embassy staff in Kabul, Afghanistan.
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