Biden's Treasury Department has said it could run out of cash as soon as June 1, and U.S. Treasury Secretary Janet Yellen said Sunday, “I think that that’s a hard deadline.” Even with a new wave of tax revenue expected soon, perhaps giving Washington more time to negotiate, she said on NBC’s “Meet the Press” that"the odds of reaching June 15, while being able to pay all of our bills, is quite low.
GOP lawmakers are holding tight to demands for sharp spending cuts, rejecting the alternatives proposed by the White House for reducing deficits. GOP lawmakers are also seeking cuts in IRS money and asking the White House to accept parts of their proposed immigration overhaul. Republicans had also rejected White House proposals to raise revenues in order to further lower deficits. Among the proposals the GOP objects to are policies that would enable Medicare to pay less for prescription drugs and the closing of a dozen tax loopholes. Republicans have refused to roll back the Trump-era tax breaks on corporations and wealthy households as Biden’s own budget has proposed.
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