President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet Tuesday to discuss a way to break the logjam on the debt ceiling and avert a potential economic calamity. The White House has indicated that Biden is open to making changes to the budget, but will not accept any cuts to Social Security or Medicare. If an agreement is not reached by June 1, the U.S. could face a default on its debt, a situation that could have devastating economic consequences.
