President Joe Biden meets with Speaker Kevin McCarthy, leader Hakeem Jeffries, leader Chuck Schumer, and leader Mitch McConnell at the White House to talk the debt limit today.
Biden wants to increase the government’s $31.4 trillion legal borrowing limit, so that the federal government can continue to pay its bills and the risk of a historic default goes away. McCarthy and other GOP lawmakers want a deal that guarantees trillions of dollars in spending cuts before they sign on to raising the debt limit.
Time is short: The Treasury Department warns the U.S. could default as soon as June 1 if there is no deal.
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