According to a source with knowledge of the situation, House Speaker Kevin McCarthy has accepted an invitation to meet with President Joe Biden on May 9 to discuss the debt ceiling, setting the stage for a pivotal moment in the debt ceiling impasse.
Biden invited the four leaders of Congress to the meeting.
Treasury Secretary Janet Yellen informed legislators on Monday that the United States could default on its debt by June 1.
McCarthy and Biden have not met since February.
Last week, the House approved a plan to increase the debt ceiling by $1.5 trillion. Sen. Chuck Schumer, a Democrat, has characterized the bill as “dead on arrival” in the Senate because it includes spending cuts, increased work requirements in safety net programs, and other provisions that Democrats will not support.
Biden told reporters, following the bill’s passage in the House, that he would be “happy to meet with McCarthy, but not to discuss whether the debt limit is extended.” The White House has maintained that in order for the president to approve a proposal to increase the nation’s borrowing limit, it must be unblemished.
McCarthy issued a statement on Monday in response to Yellen’s remarks that read, “The clock is ticking.”
McCarthy stated, “After three months of inaction by the Biden administration, the House acted, and a bill that would eliminate the risk of default is currently pending in the Senate.” “The Senate and the President need to get to work — and soon.”