Pressure Mounts to Raise Debt Ceiling

On Monday May 1^st, US Treasury secretary Janet Yellen urged House and Senate leaders in an open letter to raise or suspend the borrowing authority of the US to prevent a default.  She noted that it was impossible to predict the exact day the US would default on its debt, but the earliest possible estimate is now June 1^st.  House Democrats have introduced a discharge petition to try and bypass Republican leadership and force a vote on the debt ceiling.  To work, the petition would require at least five Republicans to sign on with all Democrats.  The White House announced that Biden plans to meet with the Big 4: Speaker McCarthy, house democratic leader Jefferies, senate minority Leader McConnell, and senate majority leader Schumer on Tuesday May 9^th to discuss raising the debt ceiling.  A last-minute deal is not unprecedented, as in 2011 then Vice President Biden and minority Leader McConnell where able to negotiate a deal just two days before the country was estimated to default.