Biden's Meeting with Congressional Leaders to Address Looming Debt Default Threat

President Biden is set to meet with congressional leadership to discuss raising the debt ceiling and avoiding a catastrophic default. House Republicans want to attach spending reductions to a debt ceiling increase, while Democrats insist on passing a clean increase before addressing spending. It remains to be seen whether the parties involved will agree to establish a process for earnest negotiations. The US hit the debt ceiling set by Congress in January, and Treasury Secretary Janet Yellen recently warned that the US could default on its obligations as soon as June 1 if Congress doesn’t address the debt limit.