“The White House Considers Short-Term Extension for Debt Ceiling | Latest Updates”

US President Joe Biden’s administration is reportedly considering brokering a short-term extension of the debt ceiling. This extension would provide more time to agree on a larger increase. Although the White House prefers a long-term deal, they are exploring fallback options, including invoking the 14th Amendment. The Treasury has warned that by June 1st, they may no longer be able to pay the nation’s bills, leading to economic catastrophe. A short-term extension would provide an opportunity for negotiations, and parties may agree on a more fulsome spending deal. Extending the deadline into fall may coincide with the September 30th deadline to agree on the following year’s government funding. While the White House prefers a long-term deal, moderate Democrats in Congress have signaled a willingness to vote for a short-term extension. However, negotiations between the White House and Congress will need to be more productive for this to happen. Republicans may be receptive to a longer extension if they get something in return.