Congress Goes On Vacation Days Away From Financial MeltdownMichael Ginsberg
Congressional Correspondent
May 25, 2023 4:31 PM ET
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The House of Representatives began its week-long Memorial Day recess Thursday afternoon without an agreement to raise the debt ceiling.
The U.S. Treasury could breach the debt ceiling by June 1, Secretary Janet Yellen has repeatedly warned, which could lead to a stock market crash and millions of jobs lost. Speaker of the House Kevin McCarthy previously floated canceling the Memorial Day recess if he and President Joe Biden could not reach an agreement, but ultimately told lawmakers they should prepare to return to Washington within 24 hours to vote. Majority Leader Chuck Schumer has issued a similar warning to the Senate, which will be on recess until May 29.
“We have, still, fundamental disagreements that we have yet to resolve, and it’s complicated,” Republican negotiator Patrick McHenry of North Carolina told reporters. “The fundamentals of this deal are about spending. The fundamentals of the deal are based off of the legislation the House passed to raise the debt ceiling. And that’s tough stuff for Democrats. And the White House has made that very clear. But these are thorny issues that have to be resolved.”
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https://dailycaller.com/2023/05/25/congress-vacation-debt-ceiling-agreement/
