As President Biden and House Speaker Kevin McCarthy prepare to square off over the debt ceiling Tuesday at the White House, it’s clear something will have to give in order for the government to avoid a financial crisis.
The question is, who will blink first?
Both sides remain far apart on a deal with just three weeks to go before June 1, the date Treasury Secretary Janet Yellen has said the United States will default if the debt ceiling isn’t raised.
“A default would push the economy right over the edge,” Dan North, a senior economist at Allianz Trade North America, told Newsweek. “Neither side wants to be seen as the party that created the default,” he said, but “both sides are digging their heels in.”
Read more at Newsweek.com
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