The Treasury Department is taking “extraordinary steps” to prevent a default that could do “irreparable harm” to the economy. #DebtCeiling

As America’s government hits the debt ceiling, US politics has become a multi-trillion dollar game of chicken. If neither side backs down, America could default on its debts for the first time in history, sparking global economic turmoil. What is the debt ceiling, and how can this crisis be resolved?

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Jen Psaki, former White House press secretary, and Peter Baker, chief White House correspondent for The New York Times, talk with Alex Wagner about what was accomplished by both parties as the House passes the debt ceiling bill, sending it to the Senate, and what President Biden might do to avoid having to deal with a Republican debt ceiling stunt in a potential second term. 
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Republican lawmakers and White House negotiators are moving closer to a deal to raise the nation’s borrowing limit. Sources familiar with the talks tell CBS News that the deal under discussion would cap federal spending levels for the next two years. Nancy Cordes reports from the White House.

#news #debtceiling #politics

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If Democrats and Republicans cannot agree on how to raise the debt ceiling, there are concerns many positions could be lost this summer.

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Rep. Andy Harris, R-Md., joined ‘Cavuto: Coast to Coast’ to discuss the debt ceiling as the White House and GOP struggle to make a deal amid new fears of a June deadline.

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