The White House official said Biden will "stress" to congressional leaders that they "must take action to avoid default without conditions," saying the meeting was scheduled to discuss "the urgency of preventing default," as well as how to begin negotiating a budget. House Republicans insist on attaching spending cuts to a debt ceiling increase, while Democrats vow not to negotiate over whether to pay the country's bills or default. There was little sign Monday afternoon that either party was shifting off its position.
The letter sent shock waves across Capitol Hill, with the threat of economic calamity looming, as Congress and the White House remain deadlocked over the issue. could breach the debt ceiling by June 1 - earlier than expected - if Congress doesn't act in time. Treasury Secretary Janet Yellen warned in a letter Monday that the U.S.
WASHINGTON - President Joe Biden has called the top four congressional leaders to a meeting May 9 at the White House to discuss how to avert a debt default, according to a White House official and Capitol Hill sources familiar with the matter.
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