"Congressional Leaders Meet with Biden to Discuss Looming Debt Ceiling Deadline and Potential Outcomes"

Congressional leaders and President Biden will meet to discuss raising the nation's debt limit, but expectations for a deal are low due to entrenched positions. Democrats insist on a clean debt ceiling increase, while Republicans condition an increase on spending cuts. Biden wants Republicans to raise the debt limit without conditions, while Speaker McCarthy is satisfied with House Republicans passing a package of spending cuts and a one-year debt ceiling increase. Senate Minority Leader McConnell is letting McCarthy lead, while Senate Majority Leader Schumer wants to take the threat of default off the table to pave the way for talks about federal spending. House Minority Leader Jeffries is expected to deliver the Democratic votes needed in the House to move any kind of compromise that emerges.