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 Business & Economy | Business & Economy <!– | | | US could default on its debt by August: analysis | The federal government risks defaulting on its debt sometime this summer or early fall without action to address its debt ceiling, according to the Bipartisan Policy Center (BPC). | BPC projected the “X-date” will “most likely occur between August 15 and October 3” if Congress fails to act. “Congress must address the debt limit ahead of the August recess,” said Margaret Spellings, president and CEO of the Bipartisan Policy Center, in a Wednesday statement. “With so many Americans worried about their own budgets and the state of the economy, Congress can’t afford to inject any additional uncertainty into the mix.” “They need to act soon to prioritize our nation’s financial stability and reassure global markets that we take this responsibility seriously,” Spellings added. While it’s difficult to pinpoint a hard X-date, projections become more precise the closer the government arrives to running out of cash. The debt limit, which caps how much money the Treasury Department can owe to pay the country’s bills, was last suspended in 2023 as part of a bipartisan deal that staved off the threat of national default through early 2025. The national debt stands at more than $36 trillion. The Treasury Department has been implementing “extraordinary measures” to buy time for Congress to address the debt ceiling. Aris Folley has more here. | Welcome to The Hill’s Business & Economy newsletter, I'm Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue. | Did someone forward you this newsletter? Subscribe here. | | | Key business and economic news with implications this week and beyond: | | | Bondi, Merkley tussle over Trump meme coin dinner | | | Attorney General Pam Bondi tussled with Sen. Jeff Merkley (D-Ore.) on Wednesday as he pressed the head of the Department of Justice (DOJ) over foreign influence concerns related to President Trump’s meme coin dinner. | | | | Judge rules Trump can’t eliminate federal workers’ union bargaining | | | A federal judge on Tuesday blocked the Trump administration from eliminating union bargaining for thousands of workers across the federal government. | | | | Powell defends Fed’s ‘careful’ approach amid Trump insults, GOP pressure | | | Federal Reserve Chair Jerome Powell on Wednesday defended the central bank’s reluctance to cut interest rates amid questions from Senate Republicans and a barrage of insults from President Trump. | | | | GOP makes progress on SALT, but no deal yet | It’s crunch time for negotiations over the state and local tax (SALT) deduction cap. After a high-stakes meeting with Treasury Department Secretary Scott Bessent on Wednesday, House Republicans in the SALT Caucus and a key GOP senator reported “progress” but no deal, leaving one of the thorniest issues in the party’s tax and spending bill unresolved. Stakeholders say talks have zeroed in on keeping in place the $40,000 deduction cap — which the SALT Caucus negotiated in the House — but lowering the $500,000 income threshold and adjusting the numbers for inflation, a compromise of sorts that would appease moderate House Republicans while also placating Senate conservatives. The clock, however, is ticking: Senate GOP leaders are hoping to put their version of the “big, beautiful bill” on the floor by Friday — officially kicking off the consideration process — but can’t move forward without a SALT deal. — Read more here from Mychael Schnell and Al Weaver. | Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip | | | The Hill's Evening Report breaks down the day's big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox
| | | {/if}} Upcoming news themes and events we're watching: | - The Commerce Department releases the final estimate of first quarter economic growth at 8:30 a.m. EDT.
- The Labor Department releases the latest jobless claims data at 8:30 a.m. EDT.
| | | Branch out with more stories from the day: | | | The Latest: Trump insists US strikes were ‘devastating’ to Iran, rejects early assessment | President Donald Trump on Wednesday insisted U.S. strikes delivered a crushing blow to Iran’s nuclear … | | | Business and economic news we've flagged from other outlets: | - Zohran Mamdani’s victory in NYC mayoral primary leaves Wall Street ‘alarmed’ and ‘depressed’ (CNBC)
- At Amazon’s Biggest Data Center, Everything Is Supersized for A.I. (NYT)
| | | Top stories on The Hill right now: | | | Questions around success of Iran strikes spark fears on Capitol Hill | Questions swirling around the success of U.S. strikes on Iranian nuclear sites are raising fears on Capitol Hill that more could be coming. Read more | | Trump calls for firing of CNN reporter over Iran nuclear damage report | President Trump on Wednesday called for the firing of CNN correspondent Natasha Bertrand, who reported on air that an internal U.S. intelligence assessment found Saturday’s strikes on Iranian nuclear sites set back Tehran’s nuclear program by only a few months. Read more | | | Opinions related to business and economic issues submitted to The Hill: | - The tax rate that may drop below zero
- Fannie Mae and Freddie Mac’s public risk could become private profit again
| | | | You're all caught up. See you tomorrow! | | | |
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