WASHINGTON - President Joe Biden said that Democratic and Republican negotiators were on the verge of resolving a debt ceiling standoff, as the deadline for a potentially catastrophic US default was pushed back to June 5.
Earlier, Treasury Secretary Janet Yellen said the dreaded X-date, when the government runs out of money unless it can borrow, will now be June 5, not June 1. Yellen, however, warned that the deadline extension does not change the urgency. US lawmakers are leaving on a break but would be called back to vote if a debt ceiling deal is reachedDemocrats, however, would have to offer concessions on Republican demands for sweeping spending limits on social safety and other domestic programs.
White House spokesman Andrew Bates asserted that Republicans were willing to put at risk"over eight million jobs unless they can take food out of the mouths of hungry Americans."
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