The Treasury estimates that the government will run out of money by next Thursday.
Pressure to reach some sort of arrangement and authorise the government to borrow more money needed for existing commitments is deepening. With the country marking Memorial Day on Monday, members of Congress are leaving Washington on a 10-day recess. “The president decided, the speaker has said it, and we have to get something done before June,” Mr Adeyemo said. “The president is committed to making sure that we have good faith negotiations with the Republicans to reach a deal because the alternative is catastrophic for all Americans.”More On This TopicThe debt ceiling raise is an annual accounting manoeuvre that usually passes with relatively little notice.
Top military brass added their own dire prognosis on Thursday, warning that the crisis would have a “significant negative impact” on troops.