President Joe Biden will host the Democratic and Republican leaders at the White House on May 9 for a meeting on the debt limit.
The announcement comes after Treasury Secretary Janet Yellen announced Monday that the “X Date,” the point at which the administration’s “extraordinary efforts” to meed U.S. debts, could occur as soon as June 1, more than a month ahead of the previous predicted deadline.
YELLEN WARNS US COULD DEFAULT ON DEBT AS SOON AS JUNE 1
Biden called House Speaker Kevin McCarthy (R-CA), who is currently on a state trip to Israel, Monday afternoon to ask for the meeting. The president had previously rejected McCarthy’s calls to hold a meeting on the debt limit and federal spending, even after House Republicans passed a temporary extension of the debt ceiling in late April.
“This afternoon, President Biden called Speaker McCarthy, who is leading a CODEL in Israel, to invite him to a meeting at the White House on May 9 with [House Minority] Leader [Hakeem] Jeffries, [Senate Majority] Leader [Chuck] Schumer, and [Senate Minority] Leader [Mitch] McConnell, who the President also called today,” the White House said in a statement.
“President Biden will stress that Congress must take action to avoid default without conditions, and invited the four leaders to the White House to discuss the urgency of preventing default, as well as how to initiate a separate process to address the budget and fiscal year 2024 appropriations,” a White House official added to the Washington Examiner.
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This is a developing story and will be updated with more information as it becomes available.
