Economics

Biden Plans McCarthy Call in Bid to Revive US Debt-Limit Talks

Biden to speak with GOP leader en route back to US from Japan
Call takes place as talks hit impasse over the weekend

Biden Continues Push for Debt Ceiling Deal as G-7 Summit Begins

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By Jordan Fabian, Annmarie Hordern, and Jenny Leonard

May 21, 2023 at 8:09 AM UTC

Updated on

May 21, 2023 at 11:16 AM UTC

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President Joe Biden called Republican demands for sharp spending cuts unacceptable and said he’ll talk with House Speaker Kevin McCarthy about debt-ceiling and budget negotiations on his flight back from Japan.

The call, which will take place Sunday morning New York time, comes as negotiations reached an impasse with time running out to avoid default. Treasury Secretary Janet Yellen has said the US could run out of cash to meet its obligations as soon as June 1.