With time running out to strike a debt limit deal, President Biden and congressional leaders are set to meet Tuesday for pivotal face-to-face negotiations at the White House to avoid a default that economists say could eliminate jobs and cause a recession.
The 3 p.m. meeting comes a day after Treasury Secretary Janet L. Yellen reiterated that the United States could run out of money to pay its bills by June 1 if Congress does not raise or suspend the debt limit.
Republicans have said they want to slash federal spending before lifting the debt ceiling. The president has maintained that raising the limit is a responsibility of Congress and should be done without conditions to avoid an economic disaster, even as he has said he is open to separate negotiations over spending.
Over the weekend, the White House projected cautious optimism regarding a potential agreement, but on Monday, Speaker Kevin McCarthy expressed doubts.
“I don’t think we’re in a good place,” Mr. McCarthy said….
This article was written by and originally published on www.nytimes.com