Time is running out to strike a deal to increase the debt limit and avoid a default.
The president is scheduled to leave for the Group of Seven summit in Japan on Wednesday morning, and he and top White House officials have said he intends to leave as scheduled.
President Biden speaks while hosting debt limit talks with congressional leaders in the Oval Office at the White House on May 9, 2023.Republicans would raise the limit on the country's borrowing authority in exchange for spending cuts, while Democrats, including Mr. Biden, want to increase the debt limit without any conditions attached. Mr. Biden insists raising or suspending the debt ceiling is Congress' responsibility to handle, while Republicans say Mr.
McCarthy has expressed that he believes an agreement needs to come together before the weekend in order to give lawmakers enough time to pass both chambers of Congress before June.
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Biden likely to resume debt limit talks on TuesdayThe nation continues to edge closer to its legal borrowing authority with no agreement in sight. The Treasury Department has said the government could exhaust the ability to pay its bills as early as June 1.
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