Biden and his aides are rummaging through the nation’s books, looking for ways to conserve cash while Washington battles over the debt ceiling.
- The Treasury Department has asked federal agencies whether they can make upcoming payments at a later date.
- The White House is looking for ways to buy more time for President Biden and House Speaker Kevin McCarthy (R-Calif.) to cut a deal to raise the federal debt ceiling.
Without additional borrowing, a fresh burst of tax revenue or new ways to slow spending, the federal government expects to miss a payment for the first time in modern history in early June.