House lawmakers hope they’ll have good news on the debt ceiling to bring back to constituents when they head home for Memorial Day events next weekend.
White House officials and congressional leaders have signaled they could have a deal to raise the country’s debt limit — and avoid a series of potential economic catastrophes — in the next few days. Administration representatives have been negotiating directly with House Republican leaders for the last week on the issue, and have publicly voiced optimism that a solution can be found soon.
Treasury officials have said the country is likely to run out of borrowing power around June 1 absent new legislation from Congress. If that happens, troops paychecks, veterans benefits and a host of other federal debts may not be paid on time, if at all.
The Senate is on recess this week, but could be called back into town on short notice if a debt limit deal is reached. The topic has been the main focus of both chambers for the last few weeks, delaying regular work on the defense budget for fiscal 2024 and the annual defense authorization bill.
Leo covers Congress, Veterans Affairs and the White House for Military Times. He has covered Washington, D.C. since 2004, focusing on military personnel and veterans policies. His work has earned numerous honors, including a 2009 Polk award, a 2010 National Headliner Award, the IAVA Leadership in Journalism award and the VFW News Media award.