President Biden and Speaker McCarthyDrew Angerer/Getty Images
By Neal Freyman
It’s understandable if you haven’t been following negotiations around the debt ceiling—it is “negotiations around the debt ceiling,” after all.
But it might be time to start paying attention, considering that the clock for the US defaulting on its debts is getting dangerously close to midnight. Treasury Secretary Janet Yellen reiterated yesterday that the US likely wouldn’t be able to pay all of its bills beginning next Thursday, June 1, if Congress doesn’t raise the debt ceiling from its current $31.4 trillion level by then.