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Tipsheet

High Stakes: Biden to Host Leadership for Debt Ceiling Talks Today

President Joe Biden is set to host congressional leadership at the White House Tuesday for negotiations on the debt ceiling and the federal budget as the deadline for default rapidly approaches. 

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"In the afternoon, the President will meet with Speaker Kevin McCarthy, Leader Hakeem Jeffries, Leader Chuck Schumer, and Leader Mitch McConnell at the White House. This meeting in the Oval Office," the White House daily schedule states. 

Two weeks ago House Republicans passed legislation to lift the debt ceiling while also capping spending levels and implementing efforts to claw back billions in unspent emergency COVID-19 funding. Since January, House Speaker Kevin McCarthy has asked Biden to come to the negotiating table. Until now, Biden has refused, banking on the GOP failing to get a bill passed. 

Meanwhile, the White House continues to insist Biden isn't going to negotiate over spending cuts with a debt ceiling increase while still claiming the U.S. can't default. White House Press Secretary Karine Jean-Pierre continues to falsely say Republicans are working to default. In reality the passed Republican bill prevents default, Democrats simply need to get onboard.

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According to Treasury Secretary Janet Yellen the U.S. could run out of cash to pay the national debt as early as June. 

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