“We’ve not reached the crunch point yet but there’s real discussion about some changes we all could make,” Biden said Saturday. “But we’re not there yet”
US President Joe Biden speaks during an event at SUNY Westchester Community College in Valhalla, New York, US, on May 10, 2023.over raising the U.S. government’s debt
The federal debt ceiling was last increased in December 2021, from $2.5 trillion to $30.0 trillion, which the government maxed out in mid-January. The Treasury Department said it has since taken “extraordinary measures” to avoid falling into default on their debt, though Treasury Secretary Janet Yellen warned that the government could run out of money for its bills as early as June 1.
The bill is not likely to move forward in the Democrat-controlled Senate, where many legislators are unhappy with the suggested concessions. President Biden also said he would veto the bill if it reached his desk.
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