President Joe Biden and House Speaker Kevin McCarthy (R-CA) each said on Tuesday that they made progress on debt ceiling negotiations, indicating thaws in an impasse as the nation faces a possible debt default in two weeks.
The debt ceiling, a statute that prevents the federal government from spending beyond a predetermined national debt limit of $31.4 trillion, exceeded the key threshold earlier this year.
Treasury Secretary Janet Yellen said in a Monday letter that her agency expects to default on obligations as early as June 1 unless the debt limit is either suspended or increased.