Watch: Karine Jean-Pierre holds White House briefing as debt ceiling deadline approaches
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.White House press secretary Karine Jean-Pierre held a news briefingon Tuesday (2 May) as the deadline to raise the federal government’s $31.4 trillion debt ceiling looms.
According to treasury secretary Janet Yellen, the US could run out of cash by 1 June if Congress does not raise or suspend the limit.
If Congress fails, the government will not be able to borrow any more money.
In a letter to Kevin McCarthy, Ms Yellen said the treasury “will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.”
“It is impossible to predict with certainty the exact date when Treasury will be unable to pay the government’s bills.”
Joe Biden has called a meeting with the Republican House Speaker on 9 May to discuss the issue, which they have not done since February.
Click here to sign up for our newsletters.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments