Key power brokers in Washington, D.C., are poised to leave the capital at various times this month as the June 1 deadline to avert a devastating government default looms.
President Joe Biden has a trip abroad to Japan and Australia slated near the back half of May, and both chambers of Congress are only set to be in session concurrently for about two weeks, posing considerable complications as the two sides remain dramatically apart on the debt ceiling.
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As it stands right now, both chambers of Congress and Biden are only set to overlap next week, part of the week after, and possibly the tail-end of the month — roughly 10 business days together in the capital.
Initially, lawmakers were given the impression that they had more time to hash out their differences. But Treasury Secretary Janet Yellen sought to extinguish that sentiment with a stark warning Monday that the anticipated deadline has been bumped up to June 1.
Given the fast track to possible economic calamity, key players may seek to alter current schedules to allot more joint time in the capital to address the crisis.
Congress has historically tweaked its schedule in the past as needed, but canceling Biden’s trip over a domestic crisis could embarrass the United States on the world stage. It also comes as he is seeking to improve relations with allies in the Asia Pacific region as tensions with China mount.
Biden’s trip, announced last month, features a critical foreign policy meeting — the Group of Seven summit in Hiroshima, Japan, from May 19 to 21. He will then make his first presidential stop in Australia for the Quad meeting on May 24, which features the U.S., Japan, Australia, and India.
Meanwhile, the House is currently on recess and set to reconvene on May 9. House Speaker Kevin McCarthy (R-CA) was in Israel when news of the expedited timeline came out. The Senate is currently in session but is expected to head out by the end of the week before returning on May 30.
Shortly after Yellen delivered her wake-up call, Biden called the four leaders in Congress and pitched a meeting to discuss the crisis on May 9. McCarthy reportedly agreed to that. He had been seeking a meeting with Biden for some time. The pair last met in February.
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The U.S. rammed into its $31.4 trillion limit on its borrowing authority back in January, but the Treasury Department has kept funds flowing via “extraordinary measures.” Once that runs dry, the government will struggle to pay its interest on the debt.
Both sides agree a default would be catastrophic, with some economists projecting double-digit unemployment and huge ramifications for the economy. But neither side appears willing to budge. Biden and the Democrats have demanded a clean bill to lift the debt ceiling, while McCarthy has demanded it be paired with spending cuts.
