Tuesday’s Make-or-Break Debt Limit Meeting
Lawmakers are facing a deadline and getting antsy: Memorial Day recess is coming up, and they don’t want to have to cancel it to deal with the pesky debt ceiling.
But unless a deal materializes this week, they might have to.
With the health of the global economy in the balance and a June 1 cutoff quickly approaching, President Joe Biden is set to meet again this afternoon with the top four congressional leaders. The meeting comes after staff spent last week working on the potential contours of a bill to raise the debt limit. Administration officials were projecting optimism about the talks—Treasury Secretary Janet Yellen said over the weekend she was “hopeful” and that the two sides had found some areas of agreement—but House Speaker Kevin McCarthy threw cold water on the situation Monday.
“I still think we’re far apart,” McCarthy told CNN’s Haley Talbot Monday morning. “Seems more like they want a default than a deal.”