The White House has repeatedly said it will not negotiate with Republicans on the debt limit, but has agreed to meet with House Speaker Kevin McCarthy (R-Calif.) to discuss the issue.
Key Background
Treasury Secretary Janet Yellen said Thursday the U.S. had reached its federal borrowing cap of $31.4 trillion, triggering “extraordinary measures” to prevent a default, including suspending investments in certain federal employees’ retirement funds. Yellen estimated those “extraordinary measures” would expire on June 5, depending on how much money the government collects in spring tax receipts and other unpredictable revenue.
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Biden, McCarthy to meet on debt limit as Yellen warns of consequencesTreasury Secretary Janet Yellen on Friday warned that the U.S. government cannot choose to pay some bills over others if Congress fails to raise the borrowing limit, as President Joe Biden and top Republican Kevin McCarthy made plans to meet to discuss the issue.
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McCarthy says he accepts Biden's invitation to meet about debt ceilingThe White House has said it won't negotiate with Republicans on raising the debt ceiling. The U.S. reached its borrowing limit a day ago, according to the treasury secretary.
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