Wall Street Journal: “While the two parties are at an impasse now, the U.S. Treasury is expected to provide new guidance soon on when the U.S. could default on payments to bondholders and other obligations, a deadline that could stir the White House and lawmakers to action. The Treasury is currently using so-called extraordinary measures to keep the nation’s bills paid, but such maneuvers are expected to run out this summer, perhaps as early as June.”
“If talks begin, Mr. McCarthy will need to weigh the demands of hard-line fiscal conservatives with more moderate members to reach a deal with Democrats. Any debt-ceiling deal would need to clear the House—where the Republicans’ opening bid almost failed because it wasn’t sufficiently conservative—and the Senate, where 10 or so Republicans would be needed to join all Democrats. If Mr. McCarthy alienates his party in the process, he could lose the speakership.”
Washington Post: With debt bill adopted, far-right House Republicans ready for fiscal war.
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