Biden and McCarthy to meet after positive discussion on debt ceiling.

President Biden and House Speaker McCarthy to Meet on Debt Ceiling Negotiations

President Joe Biden and House Speaker Kevin McCarthy (R-CA) are set to meet on Monday to discuss the debt ceiling fight.”>ongoing debt ceiling negotiations. McCarthy stated that the decision to hold another round of face-to-face talks between the leaders came after a productive phone conversation on Sunday as Biden returned from Japan.

Spending Cuts and Reforms

McCarthy emphasized the need to spend less money than last year, while the GOP-led House passed a bill that would allow the limit to be lifted by $1.5 trillion in exchange for spending cuts and reforms. The White House confirmed that the pair spoke by phone on Sunday and made arrangements to revive negotiations that had hit a snag leading into the weekend.

Time is Running Out

Time is running out to end the standoff between the White House and the GOP-led House. While some Democrats in Congress have pushed Biden to consider a “Plan B,” Republicans are focused on reaching an agreement with the White House. The Treasury Department has been enacting “extraordinary measures” since January when the United States hit its statutory limit of roughly $31.4 trillion, and has warned of dire economic consequences if the country is unable to reach a deal to lift the debt ceiling.

Treasury Secretary Warns of Dire Economic Consequences

During an appearance on NBC, Treasury Secretary Janet Yellen warned that the federal government would likely no longer be able to meet all its financial obligations by mid-June. “There’s always uncertainty about tax receipts and spending,” Yellen said. “And so it’s hard to be absolutely certain about this, but my assessment is that the odds of reaching June 15th, while being able to pay all of our bills, is quite low.”

• Biden and McCarthy to meet on Monday to discuss debt ceiling negotiations
• McCarthy emphasizes the need to spend less money than last year
• Time is running out to end the standoff between the White House and the GOP-led House
• Treasury Secretary warns of dire economic consequences if the country is unable to reach a deal to lift the debt ceiling

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