House Republican leader Kevin McCarthy said on Monday he thinks an agreement can be reached to raise the US debt ceiling before the Treasury Department's borrowing mandate expires on June 1st.
"Deal Could Come Tonight Or Tomorrow"
"We can make a deal tonight or tomorrow," McCarthy told reporters after meeting with President Joe Biden at the White House.
“I think we can achieve anything by the set deadline.”
He said nothing has yet been agreed on, but he believes the package can be accepted by a majority of House Republicans, who insist on spending cuts to raise the debt ceiling.
McCarthy said he hopes to complete the deal Monday night or Tuesday, and it will take about a week to get it through Congress. The Republican spokesman said the deal must be completed this week before it can pass Congress before June 1.
The US debt ceiling is a legal limit on how much the federal government can borrow to make its payments. Unless Congress raises this limit by June 1, the Treasury Department will have to resort to extraordinary measures to avoid default, which could trigger a global financial crisis.
Biden urged Congress to act quickly and responsibly to raise the debt ceiling, saying it was a matter of national security and economic stability, not a cross-party issue.
*Not investment advice.
