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President Biden will meet with top congressional leaders Tuesday to discuss the debt limit, as the date by which the federal government could run out of money to pay its bills is rapidly approaching.
The meeting comes a week after Treasury Secretary Janet Yellen warned lawmakers that without raising the debt ceiling, the government could run short of money as early as June 1.
It’s the first time Biden and House Speaker Kevin McCarthy, R-Calif., will meet on this issue since the pair met in February. They will be joined by House Minority Leader Hakeem Jeffries, D-N.Y., along with Senate Majority Leader Chuck Schumer, D-N.Y., and Senate Minority Leader Mitch McConnell, R-Ky.
Last month, House Republicans passed a bill that would increase the debt limit by $1.5 trillion or through March 2024 — whichever comes first — and include trillions in deficit reduction.
But Democrats and the White House continue to insist that the bill is a nonstarter. Jeffries called the measure a « ransom note, » and the bill is dead on arrival in the Democratic-controlled Senate.
Congressional Democrats, along with Biden, insist legislation that addresses the debt ceiling in tandem with spending cuts is tantamount to holding the economy hostage. They are advocating for a « clean » bill that would prevent what would be the first-ever U.S. debt default and then separate negotiations on any spending cuts.
« We’re not a deadbeat nation.
