Joe Biden and Kevin McCarthy set debt ceiling meeting today
President Joe Biden and Speaker of the House Kevin McCarthy meet again at the White House Time is running out to reach an agreement on the debt ceiling, which will be announced at 5:30 p.m. ET on Monday.
Biden cut his trip to Asia and returned from Japan late Sunday night to work on a deal in the final days before the June 1 deadline. The president and McCarthy have spoken by phone while Biden was on Air Force One en route back to Washington, and have sought to reach a framework agreement with negotiators appointed by the president and chairman.
Treasury Secretary Janet Yellen said the U.S. could fail to pay its bills and default as early as June 1. the date may change in either direction. And even if the president and McCarthy reach a deal, it will take time for the bill to pass both houses of Congress.
Friday, Negotiators on the Hill seemed to reach a dead end, take a break talks.McCarthy on Saturday tweeted The White House said “negotiations are going backwards” and blamed “the socialist side of the Democratic Party” for the impasse.
Biden began a press conference in Hiroshima, Japan, where he said he would cut more than $1 trillion in spending, saying, “Many of the other sides have already proposed, now is the time to change their extreme stance.” Stated. Frankly, it’s unacceptable. “
The president told world leaders gathered at the G7 talks that he could not promise that the United States would not default on its debt.
“I can’t guarantee that they won’t go out of their way to force a default,” Mr. Biden said of the Republican Party.
McCarthy told reporters on Sunday that his conversation with the president on Sunday was “going well.”
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Debt Limit Negotiators Seem Far Away
Debt Limit Negotiators Seem Far Away As Default Deadline Approaches
07:20
President Joe Biden and Speaker of the House Kevin McCarthy meet again at the White House Time is running out to reach an agreement on the debt ceiling, which will be announced at 5:30 p.m. ET on Monday.Biden cut his trip to Asia and returned from Japan late Sunday night to work on a deal in the final days before the June 1 deadline. The president and McCarthy have spoken by phone while Biden was on Air Force One en route back to Washington, and have sought to reach a framework agreement with negotiators appointed by the president and chairman. Treasury Secretary Janet Yellen said the U.S. could fail to pay its bills and default as early as June 1. the date may change in either direction. And even if the president and McCarthy reach a deal, it will take time for the bill to pass both houses of Congress.
Friday, Negotiators on the Hill seemed to reach a dead end, take a break talks.McCarthy on Saturday tweeted The White House said “negotiations are going backwards” and blamed “the socialist side of the Democratic Party” for the impasse.
US President Joe Biden with House Speaker Kevin McCarthy (R-CA), Vice President Kamala Harris and other congressional leaders in the Oval Office of the White House in Washington, USA, May 16, 2023. Host limit talks.
Evelyn Hochstein/Reuters
Biden began a press conference in Hiroshima, Japan, where he said he would cut more than $1 trillion in spending, saying, “Many of the other sides have already proposed, now is the time to change their extreme stance.” Stated. Frankly, it’s unacceptable. ”
The president told world leaders gathered at the G7 talks that he could not promise that the United States would not default on its debt. “I can’t guarantee that they won’t go out of their way to force a default,” Mr. Biden said of the Republican Party. McCarthy told reporters on Sunday that his conversation with the president on Sunday was “going well.”
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Kathryn Watson
Kathryn Watson is a political reporter for CBS News Digital based in Washington, DC.
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https://www.cbsnews.com/news/debt-ceiling-meeting-today-joe-biden-kevin-mccarthy-white-house/ Joe Biden and Kevin McCarthy set debt ceiling meeting today