The Upcoming White House Debt Ceiling Meeting
Next week, President Biden plans to meet with Speaker McCarthy, Senate Majority Leader Schumer, House Minority Leader Jeffries, and Senate Minority McConnell to discuss the debt ceiling. On Monday, May 1, 2023, Treasury Secretary Yellen warned that Congress must come together to raise or suspend the $31.4 trillion debt limit. After June 1st, the Treasury Department estimates there's a real risk of running out of cash and accounting maneuvers to continue paying bondholders and other U.S. financial obligations on time. Senator Schumer took a procedural step by putting the House-passed GOP debt package and the Senate Democrats' alternative bill suspending the debt limit through 2024 (S 1395) on the Senate calendar. Stay tuned as this meeting and its outcome becomes available.