The president and congressional leaders plan to meet again Friday.
A meeting between President Joe Biden and congressional leaders on the looming debt ceiling crisis ended without resolution, heightening concerns about a potential U.S. default. The “tense” discussion, held in the Oval Office on Tuesday, ended with little progress, though both sides agreed to meet again on Friday to continue negotiations.
Biden expressed frustration with the tone of the meeting, especially with House Speaker Kevin McCarthy, R-Calif., whom he said occasionally “went over the top.” McCarthy, on the other hand, accused Biden of delaying negotiations, stating that no new movement had been made since previous discussions. Republicans are pushing for spending cuts to accompany a debt ceiling increase, while Democrats and the White House are wary of such cuts, fearing they would undermine vital social programs.
Senate Majority Leader Chuck Schumer, D-N.Y., warned that Speaker McCarthy’s failure to take default off the table was jeopardizing the country’s economic stability. Despite the deadlock, Senate Minority Leader Mitch McConnell, R-Ky., reassured the public that a solution would be found, stating, “The United States is not going to default.”
With the Treasury Department warning that the U.S. will run out of funds by June 1 unless the debt ceiling is raised, time is running out for lawmakers to strike a deal. The stakes are high, as a default could trigger severe economic consequences. However, both parties recognize the urgency of the situation, with Biden and McCarthy agreeing to reconvene and continue their discussions in the coming days.
