Debt ceiling timeline: What's next as lawmakers race to pass deal, prevent default
Lawmakers have one week to pass a debt ceiling bill in Congress before the predicted June 5 "X-date" for default A critical deal to raise the nation's debt ceiling was announced over the weekend, and lawmakers in Washington now face one week to pass the bill in both chambers of Congress before the predicted deadline when default would begin. The U.S. will run out of cash to pay all of its bills in full and on time -- the so-called "X-date" -- as early as June 5, according to Treasury Secretary Janet Yellen. MORE: Key questions and takeaways from the debt ceiling deal Despite the breakthrough on an agreement between President Joe Biden and House Speaker Kevin McCarthy, legislative hurdles remain to get the 99-page debt and spending bill to Biden's desk by next Monday. The narrow margins in the House and Senate mean both Democratic and Republican moderates will likely have to back the bill. May 27: Deal announced Biden and McCarthy, after weeks of back and...