because democratic votes will be needed. mccarthy had a call with his caucus last night. ultimately, in the big picture, lindsey, this debt limit, the substance of it will really be going out with a whimper. there is not a lot there from mccarthy to get excited about, and honestly, a huge win for joe biden. democratic priorities around medicaid, infrastructure, the environment, the iris, student loan debt, all of those remain largely untouched. spending will continue to rise from those federal programs. mccarthy, right, now he knows that he will lose a good part of the congress. it s not about supporting the votes with the debt limit bill, or speaker, sorry, for the speaker. it is about keeping his votes for the speakership. lindsey, we are one stray ember away from kevin mccarthy speakership been in trouble because the revolt of the hard right in this congress, on this that limit, is a real, and it s just beginning. do you agree here that this is a win for the president? he s been s
cbs s nancy cordes joins us now from the white house. all right, nancy, did any agreements ome from this come out of this high-stakes meeting? reporter: unfortunately, norah, if wall street and main street were looking for reassurance coming out of this meeting, they did not get it. instead, president biden and house speaker kevin mccarthy% stuck to their positions and agreed to meet again on friday. but at that point, the u.s. could be less than three weeks away from defaulting on its debt unless congress acts, and here s why this is so serious. even a brief default could cause a downgrade of u.s. credit and delay the distribution of food stamps and social security checks and so much more. while a prolonged crisis could drive up interest rates and put more than 8 million americans out of work. now, here is the impasse. president biden says congress needs to raise the nation s borrowing limit, no strings attached, but speaker mccarthy
here and what would happen if the borrowing ceiling is not lifted? my colleague samira hussain has been investigating. first of all, this debt ceiling crisis is actually a political crisis. itjust happens to hinge on a must pass piece of legislation to save the nation from economic catastrophe. so, what exactly is happening here? weeks to go before the federal government is unable to pay its bills. well, the us government spends more money that it brings in. so it needs to borrow money to pay its bills. it can only borrow a certain amount of money. and if it needs to borrow more, congress has to approve that. it used to be a routine thing, but not any more. republicans see this as an opportunity to extract demands, like cuts to affordable housing or other social security spending. but us presidentjoe biden says, no way. you need to pass this legislation with no
certain amount of money and effort needs to borrow more congress has to approve that. get used to be a routine thing but not anymore. republicans see this as an opportunity to extract demands like cuts to affordable housing or other social security spending, but us presidentjoe biden says, no way! you need to pass this legislation with no strings attached. so house the two warring political parties go to try muckatah up at the clock is ticking. the us government could run out of cash as cash as early as 1 june, so what are the possible consequences? for starters people who work for government agencies won t get paid and those getting social security benefits will get their money, either. financial markets would fall and thousands ofjobs fall and thousands of jobs could fall and thousands ofjobs could be lost in the immediate aftermath, but the most dire consequence would be investors losing confidence in the country s ability to pay the
as an opportunity to extract demands like cuts to affordable housing or other social security spending. but us presidentjoe biden says, no way, you need to pass this legislation with no strings attached. so off to the white house the two warring political parties go to try and work it out, but the clock is ticking. the us government could run out of cash as early asjune 1st. so what are the possible consequences? for starters, people who work for government agencies won t get paid and those getting social security benefits won t get their money either. financial markets would fall and thousands ofjobs could be lost in the immediate aftermath. but the most dire consequence would be investors losing confidence in the country s ability to pay the interest on its debt, which comes in the form of treasury bonds, which are seen as one of the safest places to put your money, and that would quickly shatter the world s