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Are You Surprised? This Is Reportedly A Top Demand For Dems In Debt Ceiling Negotiations

The United States has a few more days than expected before it runs out of money, Treasury Secretary Janet Yellen said in a letter Friday afternoon.

The new deadline to act or risk breaching the debt ceiling is June 5, Yellen said, setting a hard deadline for the first time. She had previously been less specific, saying the breach could occur “potentially as early as June 1.” […]

“Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5,” Yellen wrote to congressional leaders.

Yellen’s letter continued with her usual doomsday tone:

“We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,” she wrote.

“In fact, we have already seen Treasury’s borrowing costs increase substantially for securities maturing in early June.

Meanwhile, negotiations will apparently continue throughout the weekend!

Fox News’s Chad Pergram has the latest updates on the negotiations:
1. The Hitchhiker’s Guide To Where We Stand On The Debt Ceiling

The sides were very close to hammering out a final pact last night. There was a race to finalize text last night. But the sides could just not get the guarantees they wanted.
2. The hope was to finish some text last night so House Republicans could begin to run their three day clock as soon as possible. before there’s a vote

Fox is told they will aim to get text out this afternoon.

3.Note that House Speaker Kevin McCarthy (R-CA) has repeatedly said the House would have “72 hours” before it debates and votes on a bill. Not necessarily “three days.” If text comes out this afternoon, the House could conceivably vote late in the day on Tuesday.

4. But the House may still need a little more time than that.

The Senate will likely need several days to process this legislation. That’s why a Senate target to pass this bill could be next weekend.

Again, this presumes that nothing blows up.
5. Fox is told permitting reform for energy programs is out.

Democrats appear unwilling to budge on stricter work requirements for government aid. Fox is told such a provision could “collapse the Democratic vote” for this plan.

It appears that the main sticking point for Democrats, from which they are reportedly refusing to budge, is Republicans wanting a work requirement for able-bodied people receiving government assistance.

 

Why do Democrats want people on welfare not working? Meanwhile, they say we need mass migration to fill jobs. People who can, should be working, and if you don’t work there should be no tax payer-funded welfare benefits.

Mark Van der Veen

Mark Van der Veen offers some of the most analytical and insightful writings on politics. He regularly opines on the motives and political calculations of politicians and candidates, and whether or not their strategy will work. Van der Veen offers a contrast to many on this list by sticking mainly to a fact-based style of writing that is generally combative with opposing ideologies.

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Leanna
Leanna
10 months ago

A creepy, sinister smirk and a vacant grin. We can at least admire McCarthy’s courage in sitting at the same table with those escapees from the local locked facility.

D3F1ANT
D3F1ANT
10 months ago

LOL! As if McCarthy and the GOP won’t buckle and give the DemComs everything they want!