The White House has repeatedly said it will not negotiate with Republicans on the debt limit, but has agreed to meet with House Speaker Kevin McCarthy (R-Calif.) to discuss the issue.
Key Background
Treasury Secretary Janet Yellen said Thursday the U.S. had reached its federal borrowing cap of $31.4 trillion, triggering “extraordinary measures” to prevent a default, including suspending investments in certain federal employees’ retirement funds. Yellen estimated those “extraordinary measures” would expire on June 5, depending on how much money the government collects in spring tax receipts and other unpredictable revenue.
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