The update will disappoint those lawmakers who had hoped the potential June deadline would slip into July or August, allowing more time for a debt deal.
The country is still at risk of defaulting in early June, Treasury Secretary Janet Yellen reiterated Monday, maintaining heavy pressure on the breakneck debt talks between the White House and Republicans.
President Joe Biden and congressional leaders are set to meet at the White House on Tuesday as staff-level talks continue over a deal that could potentially lift the nation’s borrowing cap and restrict federal spending.said Monday that the main four congressional leaders and Biden may need to reach an agreement by this weekend, an incredibly ambitious timeline. Both sides remain vastly far apart on a number of substantial issues.
If Treasury can keep paying the bills through June 15, tens of billions of dollars would begin to flow in from corporations, self-employed people and some other taxpayers required to pay taxes on a quarterly basis. That could give the federal government enough of a cushion to last until June 30, when Treasury can tap into about $145 billion in additional resources.
The warning comes after independent and government forecasters had already predicted that the Treasury Department may not be able to pay the bills through mid-June, ramping up concerns of an economically devastating default early next month. The cash crush stems from a disappointing tax season, with tax receipts down in part because of filing delays granted to disaster-affected states.
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