President Biden and Speaker McCarthy Meet at White House to Discuss Path Forward to Avert Debt Limit Crisis

President Joe Biden and House Speaker Kevin McCarthy are meeting at the White House on Monday afternoon to discuss a path forward to avert a debt limit crisis. The meeting comes just 10 days before the June 1 deadline set by the Treasury Department, when Congress must act or risk the first-ever default on U.S. debt.

The two leaders spoke on the phone while Mr. Biden was aboard Air Force One en route back to Washington, and negotiators designated by the president and speaker have been trying to reach an agreement on a framework.

The president cut his trip to Asia short, returning from Japan late Sunday night so he could work toward a deal in the final days before the June 1 deadline.

It is unclear what the outcome of the meeting will be, as the two sides have yet to reach an agreement. It is also unclear if any legislation can be passed in time to avert the debt limit crisis.

The meeting between President Biden and Speaker McCarthy is seen as a last-ditch effort to reach a deal before the looming deadline. It is expected that the two leaders will discuss potential solutions to the debt limit crisis and the possibility of passing legislation in time to avert a default.