A critical deal to raise the nation’s debt ceiling was announced over the weekend, and lawmakers in Washington now face one week to pass the bill in both chambers of Congress before the predicted deadline when default would begin.
Unless the $31.4 trillion borrowing limit is increased, the U.S. will run out of cash to pay all of its bills in full and on time — the so-called “X-date” — as early as June 5, according to Treasury Secretary Janet Yellen.
Despite the breakthrough on an agreement between President Joe Biden and House Speaker Kevin McCarthy, legislative hurdles remain to get the 99-page debt and spending bill to Biden’s desk by next Monday.
