That prompted Biden to call a meeting with leaders, including Republican House Speaker Kevin McCarthy, on May 9.
Treasury Secretary Janet Yellen said in a letter to Congress that the department was unlikely to meet all of the US government’s commitments “by early June, possibly as early as June 1” if Congress did not act. .
Biden invited McCarthy, House Democratic Leader Hakeem Jefferies, Senate Majority Leader Chuck Schumer and Republican Leader Mitch McConnell to the meeting.
House Republicans passed a bill last week to raise the debt ceiling, which includes deep spending cuts, which Biden and the Democratic-controlled Senate said they would not agree to. .
Failure to act by the Treasury Department’s new deadline of June 1 could force the United States to default on certain obligations on an unprecedented scale.
Biden insists he will not negotiate raising the debt ceiling, but will discuss budget cuts after a new ceiling is approved.
Congress typically ties raising the debt ceiling to other budget and spending measures.
After hitting the public debt ceiling of $31.4 trillion on Jan. 19, Yellen told Congress the Treasury Department would continue to pay its debts through extraordinary cash management measures.
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