With a debt ceiling deadline that is perhaps just weeks away looming over markets, investors and financial institutions will be watching talks over raising the debt limit closely.
Elsewhere in Washington, lawmakers will be holding hearings about other prominent topics in the public arena: artificial intelligence and China.
Here's what you need to know this week:
Debt ceiling talks resume
Debt ceiling negotiations will continue this week as President Biden is set to meet with House Speaker Kevin McCarthy and congressional leaders later this week.
So far, a debt ceiling deal has remained elusive. Lawmakers must reach some type of agreement on raising the nation's $31.4 trillion debt ceiling or the US will default on its payment obligations for the first time in history.
Treasury Secretary Janet Yellen has said the X-date, the date at which the federal government would be unable to pay its bills in full and on time, might come as soon as June 1. But in a report released on Friday, the nonpartisan Congressional Budget Office wrote that it might come a few days or weeks after that point.
"If the Treasury’s cash and extraordinary measures are sufficient to finance the government until June 15, expected quarterly tax receipts and additional extraordinary measures will probably allow the government to continue financing operations through at least the end of July," the CBO report stated.
Tech leaders head to DC for AI hearing
Some of the nation's top leaders in artificial intelligence will testify before the Senate Judiciary Committee on Tuesday.
Those testifying include OpenAI CEO Samuel Altman, IBM chief privacy and trust officer Christina Montgomery, and Gary Marcus, professor emeritus of New York University.
The hearing shows that policymakers in Washington, D.C., are beginning to grapple with how best to regulate artificial intelligence platforms.
A new MITRE-Harris poll found that 82% of Americans support regulating artificial intelligence.
Biden officials testify on China competition
Secretary of State Anthony Blinken is expected to testify before the House Foreign Affairs Committee on Tuesday about the growing threat of China against the United States.
In a separate hearing before the Senate Appropriations Committee, dubbed "Investing in U.S. Security, Competitiveness and the Path Ahead for the U.S.-China Relationship," Defense Secretary Lloyd Austin and Commerce Secretary Gina Raimondo will also testify on President Biden's budget.
Both hearings come against a backdrop of growing calls for international cooperation and an "economic NATO" to counter economic coercion from China.
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