Memorial Day is coming up on Monday and lawmakers are now leaving the capital despite not having a solution to the country’s debt issue.
House republican and white house negotiators have been scrambling to reach a consensus on a debt ceiling bill before the June 1st deadline when the US Treasury is expected to exhaust its cash position and capacity for extraordinary measures without incurring new debt. With no bill to vote on, many lawmakers are leaving for the holiday weekend, though they will be given 24 hours’ notice to return if and when a deal is reached.
Each day that passes without a bipartisan deal to raise the debt ceiling brings the nation closer to default, which could be catastrophic for the global economy and have financial effects on countless Americans. If a deal is eventually reached, it will then face consideration from members of congress in both chambers as well as legislative processes before becoming approved.
The house will need 24 to 48 hours to write the legislative text, then three days to let members review it before they vote. Senate majority leader Chuck Schumer has said he can accelerate the timeline – but only by so much. Speaker Kevin McCarthy would not guarantee that a deal will pass by June 1st, which the treasury department has warned could be the earliest possible date for missing debt payments.