The House and Senate this week return from their Martin Luther King, Jr. holiday recess to discuss raising the federal government’s statutory debt limit. Last week Treasury Secretary Janet Yellen warned lawmakers that the Treasury would reach the debt limit on Thursday, Jan. 19, and would need to begin taking “extraordinary measures” to prevent a default. In June, the Treasury would run out of options and the nation would hit a debt ceiling, according to Yellen.

If Congress does not agree to raise the debt ceiling by then, the nation would default on its obligations. Republicans are insisting on spending restraints before agreeing to a debt limit increase, but the White House has said they will not negotiate and wants a “clean” debt limit bill. While many believe Congress will eventually raise the debt ceiling, months of protracted negotiations are likely, possibly with a last-minute resolution, as on prior debt-limit fights.

The debt limit will be among the issues Congress will be facing as NAIOP members travel to Washington, D.C., next week to participate in the Chapter Leadership and Legislative Retreat. NAIOP chapter executives and members will set up meetings with their elected officials in the House and Senate to talk about NAIOP’s 2023 legislative priorities, as well as issues specific to their communities.