Biden debt-ceiling meeting with congressional leaders postponed, reports say
President Joe Biden’s Friday meeting on the debt ceiling with congressional leaders has been postponed until next week.The group met on Tuesday but did not reach a breakthrough on spending or raising the debt ceiling.
Biden has insisted that Congress raise the U.S. borrowing limit without condition. House Speaker Kevin McCarthy and his fellow Republicans are demanding spending cuts in exchange, and neither side is budging so far.Treasury Secretary Janet Yellen has warned that the federal government’s first-ever default could happen as soon as June 1 if Congress doesn’t raise the borrowing limit.
There is increasing chatter about what could go into a bipartisan deal that ends the stalemate and avoids a market-shaking default, as MarketWatch reported earlier this week. There could be agreement on government spending caps, unused COVID-relief money and energy-permitting reforms.
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