Top congressional Republican Kevin McCarthy said on Monday afternoon that talks over raising the U.S. federal government's $31.4 trillion debt ceiling were "on the right path" hours ahead of a meeting with Democratic President Joe Biden.
The president and the speaker of the House of Representatives, McCarthy, have just 10 days to reach a deal to increase the government's self-imposed borrowing limit or trigger an unprecedented default.
Treasury Secretary Janet Yellen on Monday offered a sobering reminder of how little time is left, saying the earliest estimated default date remains June 1 and that it is "highly likely" that Treasury will no longer be able to pay all government obligations by early June if the debt ceiling is not raised.
Biden wants more taxes while McCarthy wants to reduce waste and spending.
We spend 800 billion Dollars/ per year and we are not engaged in real war that impact the USA in the past ten years. Massive spending with disastrous outcome.
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