U.S. Races to Dodge Catastrophic Default
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While Americans were cooking hot dogs and hitting the beach over the long Memorial Day weekend, President Biden and U.S. House Speaker Kevin McCarthy were working the phones, rustling up as many congressional lawmakers as possible to back their newly minted deal to slash spending and raise the debt ceiling before the country literally runs out of money.
The date when that happens was revised by the U.S. Treasury last Friday from June 1 to June 5, which would be Monday. That leaves scant time for Congress to work out its differences (of which there are many), honor the deal hashed out over the weekend, and pass a bill.
Source Fool.com
