Debt ceiling explained: Why it's a struggle in Washington and how the impasse could end
President Joe Biden and House Speaker Kevin McCarthy are to meet face to face on Monday after a weekend of on again, off again negotiations over raising the nation’s debt ceiling
By LISA MASCARO and MARY CLARE JALONICK
Published - May 22, 2023, 12:15 AM ET
Last Updated - Jun 21, 2023, 05:39 PM EDT
WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy will meet face to face Monday after a weekend of on again, off again negotiations over raising the nation's debt ceiling and mere days before the government could reach a “hard deadline” and run out of cash to pay its bills.
On Sunday evening, negotiators met again and appeared to be narrowing on a 2024 budget year cap that could resolve the standoff. After speaking with Biden by phone as the president traveled home from a trip to Asia, McCarthy sounded somewhat optimistic. But he warned that "there's no agreement on anything.”
A look at the negotiations and why they are happening:
