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House Republicans Reject Closing Tax Loopholes as June 1 Deadline on Debt Ceiling Looms

HeadlineMay 16, 2023

Treasury Secretary Janet Yellen warned Monday the United States remains on track to default on its debts as soon as June 1 unless congressional leaders agree to a deal raising the limit on the national debt. Her warning came as House Republican leaders rejected White House proposals to close tax loopholes as part of any deal to raise the debt ceiling. The proposals sought to collect more tax revenue from cryptocurrency transactions and from large real estate investors. President Biden said Sunday he’s optimistic lawmakers will reach a deal by June 1 — an idea shot down Monday by Republican House Speaker Kevin McCarthy.

Speaker Kevin McCarthy: “So, no, I don’t think we’re in a good place. I know we’re not. This ignoring the problem, thinking it’s going to go away, he could bumble his way just into a default, like he did on the — on the border.”

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