Anxious retirees and social service groups were among those making default contingency plans as lawmakers left town for the long holiday weekend. The next batch of Social Security checks are due to go out next week.
Lisa Mascaro, Seung Min Kim and Kevin FrekingThank you for supporting our journalism. This article is available exclusively for our subscribers, who help fund our work at the Chicago Tribune.Speaker of the House Kevin McCarthy, R-Calif., talks to reporters about the debt limit negotiations as he arrives at the Capitol in Washington, Friday, May 26, 2023.
They had hoped to end weeks of frustrating talks and strike a deal by this weekend. Treasury now says the government could start running out of money as soon as a week from Monday, sending the U.S. into a potentially catastrophic default with economic spillover around the world. “We know it’s a crunch,” McCarthy said as he arrived at the emptied out Capitol, acknowledging more progress needed to be made.
House Republicans have pushed the issue to the brink, displaying risky political bravado in leaving town for the Memorial Day holiday. Lawmakers are tentatively not expected back at work until Tuesday, just two days from the June 1 “X-date” when Treasury Secretary Yellen has said the U.S. could face default.Biden will also be away this weekend, departing Friday for the presidential retreat at Camp David, Maryland, and Sunday for his home in Wilmington, Delaware.
In one potential development, Republicans may be easing their demand to boost defense spending beyond what Biden had proposed in his budget, instead offering to keep it at his proposed levels, according to another person familiar with the talks.
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