“The Treasury Department has asked federal agencies whether they can make upcoming payments at a later date, as senior Biden officials search for fresh ways to conserve cash and prevent the U.S. government from facing an unprecedented default,” the Washington Post reports.
“With a deadline looming in less than two weeks, the White House is looking for ways to buy more time for President Biden and House Speaker Kevin McCarthy (R-CA) to cut a deal to raise the federal debt ceiling, which sets a legal limit on government borrowing. 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.”
