President Joe Biden is scheduled to meet with Congressional leaders Tuesday as the U.S. prepares to reach its debt limit next month.
There is broad agreement among lawmakers that exceeding the debt limit would have dire consequences for the U.S. economy. Treasury Secretary Janet Yellen warned that even waiting to the minute would cause problems. By her estimation, the U.S. will exceed its debt limit on June 1. “This is spending that has already occurred,” Jean-Pierre added. “They need to do the right thing that has been done 78 times since 1960. It's that simple. It is very, very simple. It is the right thing to do. It is their constitutional duty. It is not complicated at all.”
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