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we begin right here in washington d.c. where democrats and republicans are scrambling to close a deal on raising the federal debt limit. there is still no deal in place but as many lawmakers leave for a holiday weekend. president biden has hinted a deal might be not be too far away. with regards to the debt limit, things are looking good, i m very optimistic. i hope we will have some clearer evidence tonight, before the clock strikes 12, that we have a deal. but it is very close and i am optimistic. so according to the president, we might get the news of a deal in under three hours time. a top republican negotiator, patrick mchenry, says he s hopeful a deal will come together before midnight but significant challenges remain. earlier, the us treasury secretary janet yellen sending this letter to congressional leaders. she now says the us has until june 5th to avoid a default. she had previously said june 1st. if republicans and the white house fail to reach a comprim ....
on an issue that impacts the global economy. us treasury secretary janet yellen says the us could run out of cash byjune 1st, prompting president biden to call a meeting with the top leaders in congress next week. in a letter to the leaders today, yellen warned: speaker mccarthy responded to yellen in a statement, saying. the republican controlled house passed a debt ceiling bill last week that includes steep spending cuts. senate democratic majority leader chuck schumer announced a process to pass a clean bill with no cuts just hours ago. meanwhile, a little relief in the banking sector. wall street giantjp morgan chase took over the troubled first republic bank in a $10.6 billion deal brokered by regulators. they seized first republic early on monday, after efforts to rescue the bank fell through over the weekend. the failure of the bank is the second largest in us history, and the third in the country since march. samira hussain has more. as of monday, first republic ....
She now says the us has until june 5th to avoid a default. she had previously said june 1st. if republicans and the white house fail to reach a comprimise, the world s largest economy could possibly default on its debt, triggering financial chaos. earlier, i spoke with representative mike waltz, republican congressman from florida, about the possibility of a deal and whether he d support it. well, i ll have to actually see the legislative text, and i think it sjust worth reminding everybody that house republicans have passed a bill that does raise the debt ceiling, and does limit spending, save the taxpayer money and put measures in place to actually grow our economy, so we ve had a deal on the table for three months. it s a shame president biden, just now, just a week ago, even named negotiators and we re at the edge ....
Of a crisis. so we will see what the actual deal says, then we will make a decision on how we are going to vote, but i did already vote to raise the debt ceiling with those other measures in place. yes, you voted alongside your republican colleagues. one more question, are you confident speaker of the house kevin mccarthy can get your republican colleagues on board with any agreement that includes some compromises? you already said not all republicans and democrats will be happy with the end agreement. well, you already see folks on both sides of the aisle, whether its work requirements, or demands that we go to just where we were, just one year ago, fiscal year 2022 levels of spending, not 23, so we will see. i mean, this is really being tightly held right now as they try to finalise a deal. i want to see the actual legislative text, and again, we have seen this before, where we have rhetoric, we have discussion, but the devil is in the details on what we actually put into text and p ....