Washington — President Biden will meet with the top four congressional leaders on the debt ceiling on Tuesday, with time running out to reach a deal to avert a default on the nation’s debt.
Mr. Biden will meet with House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell at the White House at 3 p.m., one week after their first meeting ended with the two sides still far apart. Members of their staff continued to meet throughout the week and over the weekend.
The president is scheduled to leave for the Group of Seven summit in Japan on Wednesday morning, and he and top White House officials have said he intends to leave as scheduled.
KEVIN LAMARQUE / REUTERS
Treasury Secretary Janet Yellen has warned that the U.S. could be unable to pay its bills and default on its debt as soon as June 1.
Republicans would raise the limit on the country’s borrowing authority in exchange for spending cuts, while Democrats, including Mr. Biden, want to increase the debt limit without any conditions attached. Mr. Biden insists raising or suspending the debt ceiling is Congress’ responsibility to handle, while Republicans say Mr. Biden and Democrats on Capitol Hill must compromise on spending.
McCarthy has expressed that he believes an agreement needs to come together before the weekend in order to give lawmakers enough time to pass both chambers of Congress before June.
On Monday, McCarthy disputed the idea that there has been progress in debt limit negotiations, telling reporters, “Nothing’s moved.” McCarthy is still opposed to the idea of a short-term debt limit increase.
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