Biden and congressional leaders to meet in debt ceiling showdown as McCarthy pushes for faster deal
President Biden and congressional leaders will meet again today in the debt ceiling showdown as the nation is just closer to a potential default. Treasury chief Janet Yellen says the country may run out of cash to pay its bills as soon as June 1st. Time is running out. The early outlines of a potential deal to boost the borrowing limit are slowly emerging but expectations of an imminent deal are low. House speaker Kevin McCarthy is urging President Biden to move faster, while still insisting on spending cuts to lower the nation's $31 trillion debt. I mean, how much is too much? McCarthy will be in the Oval Office today with among others, top Senate Democrat Chuck Schumer. Nobody should use default as a hostage. The president says Republicans must rule out default to agree to raise the debt ceiling and then discuss spending cuts. Washington.