Biden and Congressional Leaders Meet to Negotiate Debt Ceiling Crisis Resolution

President Joe Biden is meeting with the top four members of Congress Tuesday afternoon in the Oval Office to open negotiations to head off an impending default crisis. House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell will all be present.

The debt ceiling crisis is looming, with the Treasury Department saying the government will run out of money as soon as June 1 unless Congress raises its borrowing limit. Republicans would raise the limit on the country’s borrowing authority in exchange for spending cuts, while Democrats, including Mr. Biden, want to increase the debt limit without any conditions attached.

Mr. Biden insists the debt ceiling is Congress’ responsibility to handle, while Republicans say Mr. Biden and Democrats must agree to some spending cuts. The White House has so far refused to negotiate over the debt ceiling itself, but both sides agree a resolution is essential to avoid the unprecedented economic calamity of a default.

Though neither side expects the summit to make much progress, even sitting down together is seen as a major step forward. With the clock ticking, it remains to be seen if the two sides can come to an agreement in time to avert disaster.