Debt Ceiling White House Meeting
After the hour-long White House meeting on Tuesday, no progress was made in coming to an agreement on the debt ceiling, but President Biden and House and Senate congressional leaders agreed to talk again on Friday. In the meantime, staff will meet to come up with some options on ways forward. Senate Minority Leader McConnell said after the meeting that the U.S. will not "default" on its debt.
Treasury Secretary Yellen announced that the government could be unable to pay its bills as early as June 1st. Last Friday, Senate Minority Leader McConnell and 40 of his members signed a letter that they would not back a debt-ceiling bill without “substantive” budget and spending reforms. After Yellen’s statement, President Biden immediately reached out to congressional leaders to schedule a meeting for this past Tuesday.