Wisconsin Republican congressman Glenn Grothman says he believes congress will act to raise or suspend the nation’s borrowing authority to avoid a default on it’s debt. Grothman says he is encouraged that president Biden has invited congressional leaders, including House Speaker Kevin McCarthy to the White House May 9th to try to ease the debt limit standoff. McCarthy and GOP lawmakers are demanding spending cuts in return for lifting the government’s borrowing authority. Grothman says he hopes both sides can reach a compromise. Treasury Secretary Janet Yellen has notified congress that the U.S. could default on its debt as early as June first, but added it’s impossible to predict with certainty the exact date of when the U.S. will run out of cash.
