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May 16, 2023

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

Speaker Kevin Mc Carthy: "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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