Former President said the United States may as well default on $3.1 trillion in national debt 'now' since Congress has not made any progress toward coming to a resolution to extend the ceiling. The Treasury Department has warned that the U.S. has less than three weeks before the nation runs out of funds to pay its bills on June 1, but Republicans and Democrats remain at an impasse on negotiations.House Speaker , with the weight of House and Senate Republicans behind him, insists there should be a debt ceiling bill that passes through Congress with large spending cuts from unused COVID funds and other areas. Democrats just as staunchly insist there must be a 'clean' lift of the nation's borrowing limit without any cuts.
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