He says a draft budget is needed before June 1.
President Joe Biden called on the four party leaders of Congress to attend a federal budget meeting at the White House on May 9. The president made this decision shortly after Secretary of the Treasury Janet Yellen sent a letter to Congress, communicating that the federal government will run out of money as early as June 1 if Congress does not approve and pass a budget very soon. The Treasury running out of money will cause the government to default.
“Given the current projections, it is imperative that Congress act as soon as possible to increase or suspend the debt limit in a way that provides longer-term certainty that the government will continue to make its payments,” Secretary Yellen wrote.
A White House official said that the president will “stress that Congress must take action to avoid default without conditions” during this meeting on May 9. House Speaker Kevin McCarthy, House Minority leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer, and Senate Minority Leader Mitch McConnell are the four Congressional leaders invited to attend.
As the Lord Leads, Pray with Us…
- For Treasury Secretary Yellen as she keeps track of the current state of the nation’s debt.
- For the four Congressional leaders as they consider the options for meeting federal obligations.
- For President Biden and his advisers to be discerning as they deliberate the negotiation of financial solutions.
Sources: Reuters, NY Times, Axios
