- by cnn
- 30 Nov 2023
The White House and House GOP negotiators are rushing to finalize a deal to raise the country's debt limit.
On Friday, Treasury Secretary Janet Yellen warned the department will not have enough funds to pay all of the nation's obligations in full and on time if a deal isn't reached by June 5. This gives lawmakers a few more days to put a package together, but the X-date is still quickly approaching.
On Wednesday night, Fitch Ratings laid out a stark warning to the US government: Raise the debt ceiling or put the world's biggest economy at risk of a downgrade.
With that X-date only about one week away, there's still no deal to raise the debt ceiling - putting Americans' finances in danger.
Failure to lift the debt limit, the amount the US government can borrow to pay its bills, could affect countless aspects of American lives, from how much people pay for a mortgage to paychecks for federal workers and beyond.
House Majority Leader Steve Scalise said the House will recess following votes on Thursday as negotiators continue to work on a debt ceiling deal, although Speaker Kevin McCarthy urged lawmakers to stay close over Memorial Day weekend.
How can Americans prepare for a US default if the debt limit doesn't get raised? Here's how you can protect your financial well-being.
Premier announces changes to long-delayed projectread more