WeChat QR Code

Home>News Center

Biden and McCarthy to meet at White House on Monday to try and avoid looming debt default

2023-05-22 09:15:17       source:CNBC

May 21, 2023


As a possible debt default looms just 11 days away, President Joe Biden and House Speaker Kevin McCarthy, R-Calif., will meet in person at the White House on Monday to resume negotiations around the debt ceiling, NBC News reports.


McCarthy told reporters that he had a “productive” call with Biden on Sunday, and that staff members for both parties will resume talks later that same day. A White House spokesperson confirmed to NBC News that staff would restart negotiations at 6 p.m. Sunday, and that Biden and McCarthy will meet on Monday. It is not yet known what time the meeting will begin, according to NBC News.


Lifting the debt ceiling is necessary for the government to cover spending commitments already approved by Congress and the president in order to prevent default. Raising the debt ceiling does not authorize new spending, but House Republicans have said they will not lift the limit if Biden and lawmakers do not agree to future spending cuts.


Read more:

https://www.cnbc.com/2023/05/21/debt-ceiling-yellen-says-hard-choices-will-need-to-be-made-if-debt-ceiling-is-not-raised.html