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Democratic, Republican Leaders to Meet on US Debt Limit Deadlock

FILE - President Joe Biden talks with House Speaker Kevin McCarthy on the House steps at the Capitol in Washington, March 17, 2023.

U.S. President Joe Biden and the top Republican and Democrats in Congress are set to meet Tuesday at the White House amid an impasse about raising the country’s debt limit.

Republicans House Speaker Kevin McCarthy and Senate Minority Leader Mitch McConnell will be joined by Democrats House Democratic leader Hakeem Jeffries and Senate Majority Leader Chuck Schumer as the group discusses the impending deadline to make sure the government can pay for spending it has already incurred.

Republicans are insisting on spending cuts before they will agree to raise the debt ceiling, while Biden has said Congress has a duty to pay its bills and that the two issues should be addressed separately.

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U.S. Treasury Secretary Janet Yellen told lawmakers last week that the Treasury’s ability to pay all of the government’s bills could run short as early as June 1.

She told CNBC on Monday there was a “very big gap” between the Democratic and Republican positions and warned that not raising the debt limit would bring “economic catastrophe.”

Some information for this report came from The Associated Press, Agence France-Presse and Reuters