The leadership of President Biden and House Speaker Kevin McCarthy will be put to the test Tuesday, with both men under intense pressure not to back down from the debt-limit standoff that threatens a U.S. default on financial obligations as early as June 1.
At stake is an “economic calamity” in the U.S. if they don’t strike a deal in time, said Treasury Secretary Janet Yellen, warning of a stock market nosedive and jarringly higher interest rates for consumer loans for homes and cars.
Mr. McCarthy said on Twitter: “House and Senate Republicans agree: raising the debt limit without getting spending under control would be irresponsible.” “We’ve been asking the White House to negotiate for months,” said the aide. “There’s a feeling the president isn’t taking this seriously and is hoping the GOP will blink in the face of pressure.”
Mr. McConnell has pledged full support from Mr. McCarthy’s firm stance on tying a debt limit increase to spending cuts. The $50 billion bonds are set to mature on June 6 — five days after a potential default. For comparison, last week the Treasury sold bonds set to mature on May 30 at a rate of 3.83%.
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