Biden and McCarthy to meet again on debt ceiling
Treasury Secretary Janet Yellen has said the U.S. could be unable to pay its bills and could default on its debt as soon as June 1, but that date could slide in either direction. And it will take time to pass any legislation through both chambers of Congress, even once the president and McCarthy reach an agreement.
On Friday, negotiators on the Hill appeared to reach an impasse, taking a break from talks. On Saturday, McCarthy tweeted the White House “is moving backwards in negotiations,” blaming the “socialist wing of the Democrat Party” for the stall.
Mr. Biden began a press conference in Hiroshima, Japan, by saying he’d put forth more than $1 trillion in spending cuts, and “now it’s time for the other side to move their extreme positions because much of what they’ve already proposed is simply quite frankly, unacceptable.”
The president said he couldn’t promise world leaders gathered for the G-7 talks that the U.S. wouldn’t default on its debt.
“I can’t guarantee that they will not force a default by doing something outrageous,” Mr. Biden said of Republicans.
McCarthy on Sunday told reporters his conversation with the president on Sunday “went well.”