But as of now, hammering out plans is the plan. We are now 9 days away from Secretary Janet Yellen’s identified “X Date” of June 1st. According to everyone’s favorite TikTok politician, it takes about 10 days for that deal to morph into a bill and actually go into effect, meaning if you’re reading this Tuesday morning and no deal has been reached, we might be, technically, f*cked (if JYell’s X Date prognostication is accurate).
If not, we have, at best, a little more time. You likely have heard that steps have been made and terms conceded on the spending cuts front from both sides in order to reach a digestible bipartisan deal, so what’s getting in the way now?
Well, we’re at record-low unemployment, and not wanting to take away from that record, Speaker Kevin McCarthy really, really wants to keep his job. But at the same time, the US government, economists, and, most importantly, citizens want—no, *need—us to keep paying off our debts.
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