Biden Asks to Give IOUs, Conserve Cash to Buy More Time

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.

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