Biden and McCarthy are projecting optimism, but there’s still no debt limit deal

The clock is ticking for President Joe Biden and House Speaker Kevin McCarthy to come to agreement to avoid a first-ever default on the nation’s debt. And although there are some positive signs suggesting they’re closer to a consensus, there is still no deal.

They face a looming deadline, with Treasury Secretary Janet Yellen reaffirming in a letter to McCarthy on Monday that it is “highly likely” that the US Treasury will not be able to pay all of its bills in full and on time as soon as June 1.