Biden Sets High-Stakes Debt-Limit Meeting as Deal Deadline Nears
- Invitation comes after Yellen says limit could arrive in weeks
- McCarthy agrees to attend May 9 meeting after call with Biden
Joe Biden
Photographer: Shawn Thew/EPA/Bloomberg
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President Joe Biden invited top congressional leaders for a May 9 meeting on the debt limit as the US barrels closer to a potential default that the Treasury Department warned Monday could come sooner than anticipated.
The proposed meeting is the first sign of progress in what has become a high-stakes game of chicken in Washington, with nothing short of the full faith and credit of the US hanging in the balance. The White House has said it would not negotiate with Republicans over extending the debt ceiling, while House Speaker Kevin McCarthy has vowed not to extend the limit without corresponding cuts to the federal budget.