Biden and McCarthy to Meet as Deadline Looms for Debt Ceiling Agreement and Possible U.S. Default

Washington, DC – President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet Tuesday afternoon to discuss a way to break the logjam on the debt ceiling, as fears of a self-inflicted economic calamity grow. The meeting comes after Rep. Nancy Mace (R-S.C.) called on President Biden to cancel his upcoming trip to Asia in order to continue negotiations with Republicans ahead of a possible default on June 1.

Failure to reach an agreement to lift the borrowing limit threatens the first-ever default on the nation’s $31.4 trillion debt, an outcome that could prove catastrophic for the U.S. economy and upend the political landscape. White House officials don’t expect any kind of completed framework from Tuesday’s meeting with congressional leaders, according to a source familiar with the discussions, and they aren’t bracing for any kind of agreement before Biden leaves for Japan on Wednesday.

The meeting is expected to focus on potential areas of common ground between the two sides, as Biden and Vice President Kamala Harris meet with congressional leaders at the White House at 3 p.m. Tuesday. The White House has indicated that Biden is open to making changes to the budget, but has also made it clear that he will not accept any cuts to Social Security or Medicare.

The meeting comes at a critical time, as the deadline for a deal looms. 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. It is unclear how the talks will progress, but both sides are hoping to reach a compromise that will avert a default and ensure the economic stability of the nation.