House Speaker Kevin McCarthy has agreed to meet with President Biden at the White House on May 9 to discuss the debt ceiling.
to the meeting, including Senate Majority Leader Chuck Schumer , Senate Minority Leader Mitch McConnell and House Minority Leader Hakeem Jeffries .
Biden’s bipartisan invitation came just hours after Treasury Secretary Janet Yellen issued a dire warning that the US government could default on its obligations as early as June 1, unless Congress acts to either raise or suspend the debt limit. House Republicans, led by McCarthy, want discretionary spending cuts for non-defense programs hitched to the debt ceiling legislation.
Unless the US government raises the $31.4 trillion debt limit, it could default on its obligations as early as June 1.In the White House meeting next Tuesday, Biden plans to stress to congressional leaders that they must take action to avoid a debt ceiling breach without conditions,The goal of the meeting, according to the source, is to discuss “the urgency of preventing default.”
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