Today, President Biden is meeting with House Speaker Kevin McCarthy (R-CA) and other congressional leaders to talk about a potential debt ceiling agreement. The US hit its debt limit in January. Since then, Treasury Secretary Janet Yellen has repeatedly warned the country could run out of money to pay its bills by June 1st. Despite the urgency, Biden and McCarthy postponed their negotiation talks last week to today to give their aides a bit more time to get their ducks in a row. Delays aside, the real holdup seems to be because Biden and McCarthy are at odds over how to raise the $31.4 trillion debt ceiling.
What's taking so long?
Last month, the Republican-led House narrowly passed a bill that would raise the nation's debt limit by $1.5 trillion and cut back on some federal spending. However, Biden wants Congress to pass a debt ceiling increase now and discuss cuts later. Senate Minority Leader Mitch McConnell (R-KY) has reportedly said he and 40 others won't support a debt ceiling increase "without substantive spending and budget reforms." Meanwhile, economists warn that if the US defaults, people receiving aid from federally funded programs — like Social Security, housing assistance, and SNAP — could be the first to feel the consequences. On top of that, experts estimate a typical worker with 401(k) savings could lose $20,000. A default could also damage the US economy and rattle world markets.
No pressure.
Biden said he remains "optimistic" a deal can be reached before the end of the month. McCarthy said, "it doesn't seem to me yet [Democrats] want a deal." However, the House speaker said an agreement would need to be reached by this weekend so that Congress can have time to pass it. Especially, since both chambers will be out of session before the June 1 deadline, giving them even less time to pass a plan.
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The US could be on the verge of financial disaster, if Biden and top congressional leaders don't come to an agreement soon. As Capitol Hill sorts out how to pay its bills, Americans are carrying more than $17 trillion in debt for the first time.
The Durham report. Yesterday, Trump-era Special Counsel John Durham criticized the FBI's handling of the Russia investigation in a long-awaited, 306-page report. In 2019, then-Attorney General William Barr asked Durham to look into the FBI's probe, which focused on alleged Russian interference and its links to former President Trump's 2016 campaign. (So, an investigation into an investigation of alleged interference. Got it? Good.) Now, four years later, Durham says the FBI didn't have "actual evidence" of collusion to carry out a full investigation into the Trump campaign. He also added that the FBI briefed the Clinton campaign when the agency learned of possible foreign interference, but Trump's campaign didn't receive the same treatment. In a post on social media, Trump applauded Durham's report, saying it proved "the American Public was scammed." The FBI said it had a duty to investigate the allegations, and that it's "already implemented dozens of corrective actions" to its procedures since 2016 and 2017.
Who's putting pen to paper…
Florida Gov. Ron DeSantis (R). Yesterday, he signed a bill into law that defunds diversity, equity, and inclusion programs at public colleges and universities in the state. The programs have helped colleges increase inclusivity and diversity on campus. Now, under the new law, Florida's public universities cannot use state or federal money to promote or maintain DEI programs. The law also says general education classes can't "distort significant historical events or include a curriculum that teaches identity politics." At the bill signing, DeSantis said anyone looking to study "niche subjects" should look elsewhere. He added, if anyone wants to "do things like gender ideology, go to Berkeley." One critic said the law is "basically state-mandated censorship."
What the courts are weighing in on…
The Affordable Care Act. Yesterday, a federal appeals court said the health care law will continue to require that employers cover some preventive health services. In March, a federal judge in Texas had scrapped the requirement, saying Congress has the authority to decide what services should be covered, not a volunteer task force. The Biden admin appealed, saying more than 150 million people would be at risk of losing free preventive services — including HIV screenings, colonoscopies, mammograms, and other cancer screenings. Now, the requirement will stay in place, as the case plays out in the courts.
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We like to celebrate the wins, big and small. Let us know how your friends, neighbors, coworkers (and yes, even you) are making career moves, checking off goals, or making an impact in the community.
Shedding light…Moira S (MA). She started a group of runners, Team Katie, to raise money and awareness to end domestic violence in honor of her big sister.
(Some) Birthdays…Michele Aprati (IL), Tyler Aprati (IL), theSkimm's Mas Fukuchi (NJ), Noah Schneider (NY), David Schneider (NY), Teddy Wasserstrum (NY), Reena Saucedo (CO), Ginny Black (NJ), Bisi Jackson (GA), Lori Dobis (CA), Pamela Benson (MN), Kathy Byington (WA), Kelly Rose Case (NY), Kari Kleist (CA), Chelsea Weis (CT).
PS: Paging all members of theSkimm. Reach out here for a chance to be featured.
Skimm'd by: Melanie De Lima, Anacaona Rodriguez Martinez, Chantal Vaca, Maria del Carmen Corpus, and Mariza Smajlaj
Photos by BRENDAN SMIALOWSKI/AFP via Getty Images, Brand Partners
