Biden, McCarthy to hold pivotal meeting on debt ceiling as time to resolve standoff grows short
President Joe Biden and House Speaker Kevin McCarthy have a pivotal meeting coming up on the impasse over the debt ceiling
By LISA MASCARO, STEPHEN GROVES and ZEKE MILLER
Published - May 22, 2023, 12:09 AM ET
Last Updated - Jun 21, 2023, 05:39 PM EDT
WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy are set to meet at the White House at a pivotal moment as Washington works to strike a budget compromise and raise the nation's borrowing limit in time to avert a devastating federal default.
The call revived talks and negotiators met for 2 1/2 hours at the Capitol late Sunday evening, saying little as they left. Financial markets turned down last week after talks stalled.
McCarthy, R-Calif., told reporters earlier Sunday that the call with Biden was “productive" and that the on-again, off-again negotiations between his staff and White House representatives are focused on spending cuts.
