1/ Biden will cut his trip to Asia short and return to Washington to continue negotiations on lifting the debt ceiling. Biden and the Democrats have argued that a debt ceiling increase should be done without conditions to avoid an economic disaster, while Republicans want to use it as leverage to cut federal spending, ease energy permits, and claw back Covid-19 funds. Kevin McCarthy, meanwhile, said that tighter work requirements for safety net programs like food stamps are his “red line” in negotiations, while Hakeem Jeffries called the idea “a nonstarter.” More than a dozen House Republicans meanwhile urged Chuck Schumer to cancel the Senate’s upcoming recess, saying it’s “irresponsible” for the chamber to be out of session during this “critical time leading up to June 1st.” The Treasury Department estimates that the U.S. could default on the nation’s $31.4 trillion debt as soon as June 1 if Congress doesn’t raise the debt ceiling. (NBC News / New York Times / Washington Post / Wall Street Journal / Bloomberg / CNN / Bloomberg)
This is a companion discussion topic for the original entry at https://whatthefuckjusthappenedtoday.com/2023/05/16/day-847/