The Treasury Department has said the government could exhaust the ability to pay its bills as early as June 1.
, the president said Sunday, as the nation continues to edge closer to its legal borrowing authority with no agreement in sight. so staff-level talks could continue before Biden and the four congressional leaders huddled for a second time. Administration and congressional officials said Sunday that a meeting has not been finalized, although Tuesday was the likeliest option as Biden returns to Washington on Monday and is scheduled to leave for the Group of 7 summit in Japan on Wednesday.
On Sunday, senior administration officials said the talks among staff had so far been productive after Biden and the leaders — House Speaker Kevin McCarthy, R-Calif.
An increase in the debt limit would not authorize new federal spending. It would only allow for borrowing to pay for what Congress has already approved.
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