Deputy Treasury Secretary Wally Adeyemo's remarks are the most concrete indication yet that Biden doesn't plan to use the amendment to solve the nation’s debt ceiling issue.
The U.S. risks economic calamity if a debt deal isn’t reached.
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Salaries for federal workers & payments to defense contractors would also be paused.
And even before the Treasury Dept misses payments, the retirement accounts and investments of regular Americans would likely take a substantial hit as markets teeter.
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By the second week of June, the federal government will have well over $100 billion in missed payments.
That means money that would go towards food stamps, education programs, tax refunds and Medicare and Medicaid providers will be on hold.
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Recipients of Social Security and veterans benefits as well as military or civil service retirees who receive pensions will not receive payment on June 1 and June 2.
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If the U.S. defaults on its debt, average Americans will start to feel the pinch by early June.
Here's who will be affected 👇
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Historic New York doctors’ strike points to growing labor movement
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Biden will not invoke 14th Amendment, deputy Treasury secretary says
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The MyPillow guy said he’d cough up $5 million for anyone who could prove his data was bunk. Bob Zeidman accepted the challenge — and recounts his win for .
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Where the debt talks stand six days before default deadline
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Don't miss POLITICO’s inaugural Global Tech Day on June 15, in conjunction with London Tech Week. Get ready for an information-packed day and dive into discussions on how technology is reshaping the world. Register today.
globaltechday.splashthat.com/Twitter
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Mike Lindell dared anyone to disprove his claim that the 2020 election was stolen. For this software forensics expert, it was almost too easy.
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How Ron DeSantis went from GOP prom queen to MAGA wallflower
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Devastation before default: How debt woes only get worse over time
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Members of a No Labels-allied caucus erupt at No Labels
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Indiana doctor reprimanded for talking publicly about Ohio 10-year-old’s abortion
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GOP worries 'oatmeal' Bob Casey might be too tough to beat this cycle
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Register now for POLITICO’s inaugural Global Tech Day, happening 6/15 during London Tech Week, for continuing updates on the program-packed day focused on the future of technology and government.
globaltechday.splashthat.com/Twitter
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Doug Mastriano won't run for Senate in Pennsylvania
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Congress and the White House are on the slow train towards a debt ceiling deal and some Democrats are getting antsy with leadership — can negotiators figure things out this weekend? Nightly reports 👇
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Murphy opposes Coughlin's senior tax plan, raising specter of government shutdown
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Trade once hurt Detroit. Biden is promising it will be different this time.
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Texas lawmakers recommend impeaching AG Paxton after Republican investigation
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With Congress unlikely to move quickly, the White House is calling on tech companies to pitch what “responsible AI” looks like.
Here's Microsoft's new five-point proposal for regulating AI:
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New: Dems fear they’re losing the debt limit messaging war—and the only answer is more JOE BIDEN.
Lawmakers are begging for WH reinforcements, calling for Biden to give a major address that disputes GOP’s framing of the debate
w & co:
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F-16s won’t be a ‘magic weapon’ for Ukraine, Milley warns
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NEW from Miami - DeSantis advisers on Thursday appeared before donors and brushed aside bad headlines following his malfunction-plagued Twitter launch.
And they outlined his path to victory over Trump - with Florida a key state in the nomination fight
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Washington watches as Big Tech pitches its own rules for AI
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The power transmission compromise that could unlock energy permitting deal
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Democrats to Biden: Get ‘off the bench’ in the debt limit fight
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New - Details are so scarce on emerging Dem-GOP debt plan that some House conservatives are relying on a list - said to include debt deets - being shared on House floor today
And so far, they're NOT happy about it.
w/
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What do health care leaders have to say about the future access to care?
Hear from , , , and many more!
Find out at POLITICO’s Health Care Summit. #POLITICOHealth
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DeSantis aides to donors: Trump’s current lead is a polling sugar high
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House conservatives blanch at leaked details of McCarthy-Biden debt talks
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NOAA expects near-normal Atlantic hurricane season with 'a lot of uncertainty'
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Rhodes, 58, is the first of 14 Jan. 6 defendants, including nine Oath Keepers, to face sentencing after being convicted of — or pleading guilty to — seditious conspiracy.
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Oath Keepers founder Stewart Rhodes gets 18 years for Jan. 6 seditious conspiracy
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“If politics teaches one thing, it’s never to underestimate the power of novelty,” write and .
DeSantis’ Twitter Space launch was as unusual as Trump’s golden escalator ride. “Whether it was rightly tuned to the moment remains to be seen.”… Show more
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The 2024 Presidential campaign is already kicking into gear. Keep up with the latest in POLITICO Playbook. Subscribe today.
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