But the impact would be relatively modest. The Moody’s Analytics estimates indicate that compared to the status quo, the GOP plan would reduce the debt as a share of the overall economy.
WOULD REPUBLICANS’ SPENDING CUTS ACTUALLY FIX THE DEBT? White House press secretary Karine Jean-Pierre declined on Tuesday to say how the letter might have influenced Biden’s thinking.īut after the letter’s release, Biden invitations to House Speaker Kevin McCarthy, R-Calif., Senate Majority Leader Chuck Schumer, D-N.Y., House Minority Leader Hakeem Jeffries, D-N.Y., and Senate Minority Leader Mitch McConnell, R-Ky., became public. “After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time,” Yellen wrote in a letter to lawmakers that became public late Monday. The Treasury Department has been using “extraordinary measures” since January to keep the government operating, short-term accounting tweaks to buy lawmakers time.īut Treasury Secretary Janet Yellen now says that time is running short. This means there is less of a financial cushion before the government runs out of money.
Tax receipts in April were less robust than expected. WHAT CAUSED BIDEN TO SCHEDULE THE MEETING?
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