REHOBOTH BEACH, Del. - President Biden and four congressional leaders - House Speaker Kevin McCarthy R-Calif.), Rep. Hakeem Jeffries (D-NY), Senate Majority Leader Chuck Schumer (D-NY) and Senate Republican leader Mitch McConnell of Kentucky - will likely resume talks May 16 at the White House over the debt limit, the president said May 14 while on a bike ride in Delaware.
The meeting was scheduled May 12, but abruptly postponed in order for staff-level talks could continue. Both sides said Sunday that a meeting had not been finalized, but Tuesday was the likeliest option to squeeze in a meeting as Biden returns to Washington on May 15 before leaving for the Group of 7 summit in Japan on May 17.
Biden said he was "optimistic" that an agreement could be reached to avoid an unprecedented debt default.
Publicly, there was little indication either side had budged from initial positions.
Biden has called on lawmakers to lift the debt limit without preconditions.
McCarthy has insisted on using the threat of defaulting for spending changes, arguing the government can't spend money at the pace it is now. The national debt is $31.4 trillion.
An increase in the debt limit would not authorize new federal spending. It would allow for borrowing to pay for what Congress has already approved.
The Treasury Department has said the government could exhaust the ability to pay its bills as early as June 1. The nonpartisan Congressional Budget Office gave a similar warning. (The AP 05/14/23) Lawmakers likely to meet Tuesday for talks on the debt limit (wapt.com)
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