U.S. Treasury Secretary Janet Yellen has warned Congress that the United States could run out of money to pay its bills by June 1 unless lawmakers raise the debt ceiling. House Republicans last week narrowly passed a bill to raise the debt ceiling, but only in exchange for sweeping spending cuts to numerous programs, including student debt relief, food assistance, Medicaid and renewable energy. Democrats, meanwhile, are pushing for a vote to raise the debt ceiling without imposing cuts, even as the constitutionality of the debt ceiling has been questioned by some legal scholars. For more on the debt ceiling, recent bank failures and other economic news, we speak with James Galbraith, economist and professor at the University of Texas at Austin.
Transcript: https://www.democracynow.org/2023/5/3/debt_ceiling_congress_biden
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Transcript: https://www.democracynow.org/2023/5/3/debt_ceiling_congress_biden
Democracy Now! is an independent global news hour that airs on over 1,500 TV and radio stations Monday through Friday. Watch our livestream at democracynow.org Mondays to Fridays 8-9 a.m. ET.
Support independent media: https://democracynow.org/donate
Subscribe to our Daily Email Digest: https://democracynow.org/subscribe
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