White House, Republicans scramble for deal as default looms

05/26 00:10

The White House and Republicans are scrambling to finalize a budget deal that would enable the government to avoid a potentially catastrophic default. The two sides have until June 1st to strike a deal before the country runs out of cash to pay its bills. Republicans are insisting on spending cuts in exchange for raising the debt limit, while Democrats want no strings attached. A debt default would be potentially devastating for the U.S. and global economy, depending on how long the standoff drags on. If they don't raise the debt ceiling, there isn't really a blueprint for what would happen but it could lead to higher interest rates, job losses, and disruptions to government operations impacting air traffic control and law enforcement among others. As each day goes by with no deal, the timeline gets narrower as Treasury says it will run out of money as soon as June 1st.

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