Pres. Joe Biden and congressional leaders will likely resume talks on Tuesday at the White House over the debt limit, the president said yesterday.
REHOBOTH BEACH, Del. — President Joe Biden and congressional leaders will likelyon Tuesday at the White House over the debt limit, the president said Sunday, as the nation continues to edge closer to its legal borrowing authority with no agreement in sight.
"I remain optimistic because I'm a congenital optimist," Biden told reporters while out for a bike ride in Rehoboth Beach, Delaware. "But I really think there's a desire on their part as well as ours to reach an agreement. I think we'll be able to do it." On Sunday, senior administration officials said the talks among staff had so far been productive after Biden and the leaders — House Speaker Kevin McCarthy, R-Calif.
An increase in the debt limit would not authorize new federal spending. It would only allow for borrowing to pay for what Congress has already approved.The Treasury Department has said the government could exhaust the ability to pay its bills as early as June 1. The nonpartisan Congressional Budget Office gave a similar warning Friday, saying there was a "significant risk" of default sometime in the first two weeks of next month.
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