US President Biden Cancels Post-G7 Asia Tour Amid Debt Crisis: Report
1 year, 7 months ago

US President Biden Cancels Post-G7 Asia Tour Amid Debt Crisis: Report

News 18  

Joe Biden and Republican leaders kicked off high-stakes talks Tuesday aimed at averting a potentially catastrophic US debt default, as the president was forced to shorten an upcoming Asia tour to tackle the crisis. The United States could begin defaulting on its debts “potentially as early as June 1,” Treasury Secretary Janet Yellen said Monday, while the nonpartisan Congressional Budget Office has forecast June 15. – ‘Potentially devastating’ – The two parties remained sharply divided heading into Tuesday’s talks, with Republicans insisting Biden agree to significant spending cuts in exchange for their support to raise the debt ceiling. They’ve also contemplated asking Biden to invoke the 14th Amendment to raise the debt ceiling unilaterally, which some legal scholars believe would allow the Treasury to simply ignore the debt limit.

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History of this topic

Biden signs bill that averts a government shutdown and brings a close to days of Washington upheaval
2 days, 21 hours ago

Biden signs bill that averts a government shutdown and brings a close to days of Washington upheaval

Associated Press  

WASHINGTON — President Joe Biden signed a bill into law Saturday that averts a government shutdown, bringing a final close to days of upheaval after Congress approved a temporary funding plan just past the deadline and refused President-elect Donald Trump’s core debt demands in the package. That’s good news for the American people.” House Speaker Mike Johnson, R-La., had insisted …

Joe Biden signs bills to avert shutdown, ending days of political turmoil in Washington
3 days, 14 hours ago

Joe Biden signs bills to avert shutdown, ending days of political turmoil in Washington

India Today  

President Joe Biden on Saturday signed legislation that averts a government shutdown heading into Christmas, bringing a final close to days of upheaval in Washington after Congress passed a bipartisan budget plan just past the deadline and rejected Donald Trump’s core demand in the negotiations. House Speaker Mike Johnson, R-La., had insisted lawmakers would “meet our obligations” and not allow …

Biden signs bill that averts government shutdown after days of upheaval
3 days, 14 hours ago

Biden signs bill that averts government shutdown after days of upheaval

LA Times  

The Capitol is pictured in Washington on Friday. President Biden signed a bill into law Saturday that averts a government shutdown, bringing a final close to days of upheaval after Congress approved a temporary funding plan just past the deadline and refused President-elect Donald Trump’s core debt demands in the package. That’s good news for the American people.” House Speaker …

House approves funding bill, sends to Senate hours before government shutdown deadline
3 days, 14 hours ago

House approves funding bill, sends to Senate hours before government shutdown deadline

New Indian Express  

The new 118-page package would fund the government at current levels through March and adds $100 billion in disaster aid and $10 billion in agricultural assistance to farmers. The federal debt limit expires Jan. 1, and Trump doesn't want the first months of his new administration saddled with tough negotiations in Congress to lift the nation's borrowing capacity. “Congress must …

Government funding bill clears Congress and heads to Biden, averting a shutdown
4 days, 14 hours ago

Government funding bill clears Congress and heads to Biden, averting a shutdown

LA Times  

“If there is going to be a shutdown of government, let it begin now,” President-elect Donald Trump posted on social media. Facing a government shutdown deadline, the Senate rushed through final passage early Saturday of a bipartisan plan that would temporarily fund federal operations and disaster aid, dropping President-elect Donald Trump’s demands for a debt limit increase into the new …

These 13 vulnerable Republicans are being targeted in 2024 with one simple message
1 year, 5 months ago

These 13 vulnerable Republicans are being targeted in 2024 with one simple message

Raw Story  

WASHINGTON — Supporters of student loan debt cancellation are organizing to hold GOP lawmakers “accountable” in the 2024 election cycle following the U.S. Supreme Court ruling blocking President Joe Biden’s debt relief plan. The left-leaning Protect Borrowers Action will target 13 U.S. House districts across California, Colorado, Michigan, Nebraska, New York, Oregon and Pennsylvania where Republicans opposed Biden’s plan to …

US Supreme Court blocks Joe Biden’s $400bn student debt relief plan
1 year, 5 months ago

US Supreme Court blocks Joe Biden’s $400bn student debt relief plan

The Telegraph  

The US Supreme Court delivered a seismic blow to Joe Biden as it killed off his $400 billion plan to wipe out student loan debt for tens of millions of Americans. Mr Biden’s plan would have cancelled $10,000 in student loan debt for people making less than $125,000, or couples earning less than $250,000. The president denied suggestions that he …

How China Became a Wedge Issue Amid the US Debt Ceiling Nail-Biter
1 year, 6 months ago

How China Became a Wedge Issue Amid the US Debt Ceiling Nail-Biter

The Diplomat  

Against the backdrop of a looming debt default, the U.S. House in late April passed the Limit, Save, Grow Act of 2023, a Republican-led bill proposing to raise the country’s borrowing limit. The partisan debate over China’s role in the debt limit issue centers around three key points: prioritization of payment, government spending cuts, and energy supply chains. The Biden …

Biden signs debt ceiling bill that pulls US back from brink of unprecedented default
1 year, 6 months ago

Biden signs debt ceiling bill that pulls US back from brink of unprecedented default

Associated Press  

WASHINGTON — With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nation’s debt ceiling, averting an unprecedented default on the federal government’s debt. Instead of holding a public ceremony with lawmakers from both parties — showcasing the bipartisanship that Biden had cited in an Oval Office address on Friday evening — the president …

Biden signs debt ceiling bill, pulling US from brink of default
1 year, 6 months ago

Biden signs debt ceiling bill, pulling US from brink of default

Al Jazeera  

With just two days to spare, President Joe Biden has signed legislation that lifts the nation’s debt ceiling, averting an economically disastrous default on the federal government’s debt. “We’re protecting important priorities from Social Security to Medicare to Medicaid to veterans to our transformational investments in infrastructure and clean energy.” Even as he pledged to continue working with Republicans, Biden …

‘It Rewards The Hostage-Taking’: Progressives Fume At Biden's Deal With GOP
1 year, 6 months ago

‘It Rewards The Hostage-Taking’: Progressives Fume At Biden's Deal With GOP

Huff Post  

LOADING ERROR LOADING WASHINGTON — Progressive lawmakers are seething at President Joe Biden’s deal with House Republicans for raising the debt ceiling, warning that it could normalize taking the nation’s economy hostage for years to come. The Republicans are demanding changes that they cannot get through the ordinary democratic process because they’re not supported by the American people.” “The minute …

Debt Limit deal explained: How will it impact US economy, polls and people
1 year, 6 months ago

Debt Limit deal explained: How will it impact US economy, polls and people

Hindustan Times  

The recent agreement between President Joe Biden and House Republicans regarding the debt limit and spending has sparked discussions and debates. Biden and House Speaker Kevin McCarthy reached a final agreement Sunday on a deal to raise the nation's debt ceiling while trying to ensure enough Republican and Democratic votes to pass the measure in the coming week. Non-defense Spending …

US debt ceiling deal: the key takeaways
1 year, 6 months ago

US debt ceiling deal: the key takeaways

Raw Story  

President Joe Biden and House Republicans have reached a deal to raise the government's debt ceiling and avert a devastating default. The crux of it Formally known as the Fiscal Responsibility Act of 2023, the bill provides for an increase to the debt ceiling of $31.4 trillion for two years, meaning Biden will crucially not need to negotiate it again …

Key takeaways from Biden and McCarthy's debt ceiling deal
1 year, 6 months ago

Key takeaways from Biden and McCarthy's debt ceiling deal

Firstpost  

There’s a nervous air in the United States as the deadline to increase the debt ceiling approaches. On Saturday, they reached a crucial agreement to raise the government’s debt ceiling, avoiding a disastrous default. AFP Unspent COVID money The deal would also take back some funding that Congress allocated for the coronavirus pandemic but did not spend. A statement from …

Biden, GOP Reach Tentative Deal To Raise Debt Ceiling, Avoid Calamitous US Default
1 year, 6 months ago

Biden, GOP Reach Tentative Deal To Raise Debt Ceiling, Avoid Calamitous US Default

Huff Post  

LOADING ERROR LOADING WASHINGTON — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation’s legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and avert a potentially disastrous U.S. default. Biden called the agreement “good news for the American people, because it prevents what could …

Debt ceiling explained: What to know about the showdown in Washington as default looms
1 year, 6 months ago

Debt ceiling explained: What to know about the showdown in Washington as default looms

Associated Press  

WASHINGTON — House Republicans still do not have a deal with President Joe Biden to raise the debt ceiling as the nation is a little more than a week away from a potentially catastrophic default. Louisiana Rep. Garret Graves, one of McCarthy’s negotiators, told reporters that “Democrats right now are willing to default on the debt” over their opposition to …

Could the 14th Amendment fix America’s debt-ceiling debacle?
1 year, 6 months ago

Could the 14th Amendment fix America’s debt-ceiling debacle?

Hindustan Times  

America is hurtling towards the “X-date” of June 1st, when Janet Yellen, the treasury secretary, says the country could run out of money to pay its bills. Laurence Tribe of Harvard Law School, one of America’s most-cited law professors, has made a case for it in the New York Times and, speaking on MSNBC, advised the president: “There is every …

Debt ceiling talks teeter on the brink, as lawmakers leave town for weekend without a deal
1 year, 6 months ago

Debt ceiling talks teeter on the brink, as lawmakers leave town for weekend without a deal

Associated Press  

WASHINGTON — House Republicans pushed debt ceiling talks to the brink Thursday, displaying risky political bravado in leaving town for the holiday weekend just days before the U.S. could face an unprecedented default hurling the global economy into chaos. At the Capitol, Speaker Kevin McCarthy said “every hour matters” in talks with President Joe Biden’s team as they try to …

US debt ceiling has catastrophic effects- 83 lakh job losses, world recession I EXPLAINED
1 year, 6 months ago

US debt ceiling has catastrophic effects- 83 lakh job losses, world recession I EXPLAINED

India TV News  

US Debt ceiling row: Amid the looming catastrophic recession, US President Joe Biden and House Speaker Kevin McCarthy are narrowing in on a two-year budget deal aiming to curb federal deficits in exchange for lifting the nation’s debt ceiling and staving off an economically devastating government default. White House estimates say a prolonged default could cause 8.3 million job losses …

Debt ceiling deadline is extended to June 5, Yellen says
1 year, 6 months ago

Debt ceiling deadline is extended to June 5, Yellen says

LA Times  

House Speaker Kevin McCarthy talks to reporters about the debt limit negotiations at the Capitol in Washington. Earlier Friday, House Speaker Kevin McCarthy said Republican debt negotiators and the White House had hit “crunch” time and were straining to wrap up a deal with President Biden to curb federal spending and lift the nation’s borrowing limit before the deadline. In …

Biden says debt ceiling deal 'very close.' Here's why it remains elusive
1 year, 6 months ago

Biden says debt ceiling deal 'very close.' Here's why it remains elusive

NPR  

Biden says debt ceiling deal 'very close.' Here's why it remains elusive Enlarge this image toggle caption Chip Somodevilla/Getty Images Chip Somodevilla/Getty Images White House and GOP negotiators are entering the weekend without a deal to stop the country from defaulting on its loans, despite President Biden saying the two sides are "very close." Republicans are Sponsor Message Moments after …

What is 14th Amendment and can it resolve US debt ceiling fight?
1 year, 6 months ago

What is 14th Amendment and can it resolve US debt ceiling fight?

Al Jazeera  

President Biden can invoke the 14th Amendment and order the Treasury to issue bonds and keep paying government bills in full. While United States President Joe Biden and the Republicans fight about raising the limit on government borrowing to avoid a default on its debt, one idea being kicked around is to invoke the 14th Amendment of the US Constitution. …

Debt ceiling talks grind on, but Republicans say there’s a ‘lack of urgency’ from White House
1 year, 7 months ago

Debt ceiling talks grind on, but Republicans say there’s a ‘lack of urgency’ from White House

Associated Press  

WASHINGTON — Debt ceiling talks showed few signs of outward progress Tuesday as negotiators for President Joe Biden and House Speaker Kevin McCarthy traded more budget-cutting ideas but Republicans warned of a “lack of urgency” at the White House to resolve the standoff in time to avert a potentially chaotic federal default. “We’re not there yet,” McCarthy said at the …

Joe Biden, House Speaker McCarthy fail to break the ice on debt ceiling deal
1 year, 7 months ago

Joe Biden, House Speaker McCarthy fail to break the ice on debt ceiling deal

India Today  

US President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement on Monday on how to raise the US government's $31.4 trillion debt ceiling with just 10 days before a possible default that could sink the American economy, but vowed to keep talking. The Democratic president and the top congressional Republican have struggled to make a deal, …

Why Biden is wary of using the 14th Amendment to address the debt limit crisis
1 year, 7 months ago

Why Biden is wary of using the 14th Amendment to address the debt limit crisis

Associated Press  

WASHINGTON — If the fight with Congress over raising the government’s debt limit is such a dire threat, why doesn’t President Joe Biden just raise the borrowing ceiling himself? One potential option Biden and his advisers have been looking at: Would he have the power to go around lawmakers by relying on the Constitution’s 14th Amendment in a last-ditch move …

Markets rise ahead of US debt discussions between President Joe Biden, congressional leaders
1 year, 7 months ago

Markets rise ahead of US debt discussions between President Joe Biden, congressional leaders

Firstpost  

Asia fared a little better Monday, though markets fluctuated as investors awaited solid signs of a compromise out of Washington Most markets rallied Monday ahead of US debt discussions between President Joe Biden and congressional leaders, with both sides still divided but optimistic about reaching an agreement to avoid a disastrous default. Hopes that the Federal Reserve will hold interest …

Column: Debt ceiling negotiations were hard when Biden was vice president. They’re even harder now
1 year, 7 months ago

Column: Debt ceiling negotiations were hard when Biden was vice president. They’re even harder now

LA Times  

Senate Republican leader Mitch McConnell, House Speaker Kevin McCarthy and Senate Democratic leader Charles E. Schumer, from left, visit with President Biden in the Oval Office earlier this month before a meeting on the debt limit. For a brief moment last week, it was possible to imagine that President Biden and House Speaker Kevin McCarthy had found a patch of …

Biden meeting with Indo-Pacific leaders at G7 summit while confronting stalemate over US debt limit
1 year, 7 months ago

Biden meeting with Indo-Pacific leaders at G7 summit while confronting stalemate over US debt limit

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy President Joe Biden was seeking to rally regional cooperation against …

Republican says US debt-ceiling talks to resume
1 year, 7 months ago

Republican says US debt-ceiling talks to resume

Al Jazeera  

Republican House Leader Kevin McCarthy said in a TV interview that negotiations with the administration of US President Joe Biden over the US debt ceiling will resume this evening after a temporary pause earlier in the day rattled financial markets. Earlier on Friday, McCarthy’s lead negotiator and Biden’s representatives had temporarily paused talks, sparking concern in financial market as the …

'America will not default,' says Biden amid debt-ceiling crisis; likely to hold trilateral meet in Japan during G7
1 year, 7 months ago

'America will not default,' says Biden amid debt-ceiling crisis; likely to hold trilateral meet in Japan during G7

India Today  

President Joe Biden on Wednesday asserted his confidence in overcoming the ongoing debt ceiling crisis in the US, and said he is sure the country will avoid an unprecedented and potentially catastrophic debt default, saying talks with congressional Republicans have been productive. “I’m confident that we’ll get the agreement on the budget and America will not default,” Biden said from …

Biden, McCarthy push forward towards deal on US debt ceiling
1 year, 7 months ago

Biden, McCarthy push forward towards deal on US debt ceiling

India Today  

President Joe Biden and top US congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. READ | As US debt crisis peaks, Biden to skip Australia, Papua New Guinea trip; only to attend G7 summit in Japan Republicans, who control …

Opinion: Why is the climate on the table in the debt ceiling fight?
1 year, 7 months ago

Opinion: Why is the climate on the table in the debt ceiling fight?

LA Times  

Lost amid all the attention to the partisan standoff over raising the nation’s debt limit is the insanity of a big part of the Republicans’ bargaining position: Many of the savings they demand in return for a higher debt ceiling would come from killing the landmark clean energy initiatives President Biden achieved just nine months ago, and which already have …

Biden says there’s ‘work to do’ on global stage as he heads to Japan; US debt limit standoff looms
1 year, 7 months ago

Biden says there’s ‘work to do’ on global stage as he heads to Japan; US debt limit standoff looms

Associated Press  

WASHINGTON — President Joe Biden said there’s “work to do” on the global stage as he headed to Japan on Wednesday to consult with allies on Russia’s invasion of Ukraine and China’s assertiveness in the Pacific at the same time that a debt limit standoff looms at home. “I’ve made clear America is not a deadbeat nation, we pay our …

Debt limit progress as Biden, McCarthy name top negotiators to avert national default
1 year, 7 months ago

Debt limit progress as Biden, McCarthy name top negotiators to avert national default

Associated Press  

WASHINGTON — Debt-limit talks shifted into an encouraging new phase Tuesday as President Joe Biden and House Speaker Kevin McCarthy named top emissaries to negotiate a deal to avert an unprecedented national default. “But I made it clear to the speaker and others that we’ll speak regularly over the next several days and staff’s going to continue meeting daily to …

Biden Shortens Asia Trip To Deal With GOP Debt Ceiling Demands
1 year, 7 months ago

Biden Shortens Asia Trip To Deal With GOP Debt Ceiling Demands

Huff Post  

President Joe Biden and Vice President Kamala Harris host congressional leaders, including Senate Minority Leader Mitch McConnell and House Speaker Kevin McCarthy, for a meeting about the debt limit Tuesday in Washington. Chip Somodevilla via Getty Images WASHINGTON — A White House effort to counter China’s increasing influence in the western Pacific on Tuesday became the first casualty of Republican …

Does the 14th Amendment permit the president to bypass the debt ceiling?
1 year, 7 months ago

Does the 14th Amendment permit the president to bypass the debt ceiling?

LA Times  

President Biden said last week he has been “considering the 14th Amendment” but remains wary of invoking it as a solution to the debt standoff. “That will, in turn, decimate the credit of the U.S. government, tank the domestic economy, boost interest rates worldwide as investors demand guarantees against future defaults.” Harvard Law professor Laurence Tribe said he had changed …

Biden, congressional leaders likely to meet Tuesday for talks on raising the debt limit
1 year, 7 months ago

Biden, congressional leaders likely to meet Tuesday for talks on raising the debt limit

Associated Press  

— President Joe Biden and congressional leaders will likely resume talks on Tuesday at the White House over the debt limit as the nation continues to edge closer to its legal borrowing authority with no agreement in sight. “And so I’m waiting to hear what their exact proposal is.” Administration officials said the talks among staff had so far been …

Opinion: Why McCarthy's debt ceiling strategy is more doomed than doable
1 year, 7 months ago

Opinion: Why McCarthy's debt ceiling strategy is more doomed than doable

LA Times  

Some Republican lawmakers have said they would vote against any compromise that House Speaker Kevin McCarthy could attempt with Senate Democrats and President Biden on the debt ceiling. House Speaker Kevin McCarthy has been strutting his stuff for two weeks since wheedling his slim majority of House Republicans to pass a bill to raise the debt limit, supposedly strengthening his …

Debt limit fight: Biden meeting with Congress leaders put off until next week; staff talks proceed
1 year, 7 months ago

Debt limit fight: Biden meeting with Congress leaders put off until next week; staff talks proceed

Associated Press  

WASHINGTON — President Joe Biden’s meeting Friday with congressional leaders on the debt limit crisis was abruptly postponed to next week, with staff-level talks making progress and expected to continue through the weekend, the White House and congressional aides said Thursday. “I say to the Republicans out there — congressmen, senators — if they don’t give you massive cuts, you’re …

Biden warns ‘millions of jobs’ at risk if debt ceiling not raised
1 year, 7 months ago

Biden warns ‘millions of jobs’ at risk if debt ceiling not raised

Al Jazeera  

US president accuses Republicans of holding economy hostage by demanding spending cuts to raise debt limit. United States President Joe Biden has warned the economy could enter a recession and shed millions of jobs unless Republicans agree to raise the country’s $31.4 trillion debt ceiling before a fast-approaching deadline. In a campaign-style speech in a swing district in New York …

Biden, McCarthy divided over debt ceiling but talks continue
1 year, 7 months ago

Biden, McCarthy divided over debt ceiling but talks continue

India Today  

President Joe Biden and top lawmakers agreed on Tuesday to further talks aimed at breaking a deadlock over raising the $31.4 trillion U.S. debt limit, with just three weeks before the country may be forced into an unprecedented default. Biden called the talks "productive" and appeared to offer Republicans some possible compromises, including taking a "hard look" for the first …

US debt limit default could hit in early June to early August -think tank
1 year, 7 months ago

US debt limit default could hit in early June to early August -think tank

Live Mint  

The U.S. government will begin defaulting on its payment obligations between early June and early August without an increase in the federal debt limit, the Bipartisan Policy Center said on Tuesday, flagging pressure from a drop in tax revenue. The front end of the centrist think tank's latest estimate for the so-called "X-date" - when the government runs short of …

Debt options abound, but can Biden, McCarthy strike a deal?
1 year, 7 months ago

Debt options abound, but can Biden, McCarthy strike a deal?

Associated Press  

WASHINGTON — The White House and Congress could strike a deal to raise the debt ceiling in exchange for budget cuts. As President Joe Biden meets Tuesday with House Speaker Kevin McCarthy and other congressional leaders for the first time over the debt ceiling crisis, the options for easing out of the standoff are many. More likely, Democratic president Biden …

US debt-ceiling: Biden, McCarthy aim to break standoff as default crisis looms
1 year, 7 months ago

US debt-ceiling: Biden, McCarthy aim to break standoff as default crisis looms

Live Mint  

President Joe Biden and top Republicans and Democrats from Congress are set to sit down this week to try to resolve a three-month standoff over the $31.4 trillion US debt ceiling and avoid a crippling default before the end of May. Biden is due to meet on Tuesday at the White House with McCarthy for the first time since Feb. …

Yellen says there are ‘no good options’ if Congress fails to act on debt
1 year, 7 months ago

Yellen says there are ‘no good options’ if Congress fails to act on debt

LA Times  

Treasury Secretary Janet Yellen speaks at Johns Hopkins University School of Advanced International Studies on April 20 in Washington. Yellen said Sunday there are “no good options” for the U.S. to avoid an economic “calamity” if Congress fails to raise the nation’s borrowing limit. Treasury Secretary Janet L. Yellen said Sunday that there are “no good options” for the United …

U.S. President Joe Biden says not yet ready to invoke 14th Amendment to avoid debt default
1 year, 7 months ago

U.S. President Joe Biden says not yet ready to invoke 14th Amendment to avoid debt default

The Hindu  

President Joe Biden said on May 5 he was not yet ready to invoke the 14th Amendment to avoid the United States defaulting on its debts as early as June 1, comments which for the first time suggested he has not ruled out the option. If Congress fails to act, some legal experts say Mr. Biden has another option to …

White House predicts economic fallout if US fails to make debt payments
1 year, 7 months ago

White House predicts economic fallout if US fails to make debt payments

Firstpost  

The White House issued a dire warning on Wednesday, predicting a future of falling equities and rising unemployment should the United States fail to make its debt payments. The US government’s failure to pay its financial obligations might result in eight million job losses this summer and a six per cent decline in GDP, according to the President’s Council of …

Treasury’s Yellen says U.S. could hit debt ceiling as soon as June 1
1 year, 7 months ago

Treasury’s Yellen says U.S. could hit debt ceiling as soon as June 1

The Hindu  

Treasury Secretary Janet Yellen notified Congress on Monday that the U.S. could default on its debt as early as June 1, if legislators do not raise or suspend the nation’s borrowing authority before then and avert what could potentially become a global financial crisis. CBO Director Phillip L. Swagel said because of less-than-expected tax receipts this filing season and a …

Treasury’s Yellen says US could default as soon as June 1
1 year, 7 months ago

Treasury’s Yellen says US could default as soon as June 1

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen notified Congress on Monday that the U.S. could default on its debt as early as June 1, if legislators do not raise or suspend the nation’s borrowing authority before then and avert what could potentially become a global financial crisis. “We have learned from past debt limit impasses that waiting until the last minute …

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