Biden’s meeting with Congressional leaders to discuss the debt ceiling has been postponed until next week.

Debt Ceiling Meeting Between Biden and Congressional Leaders Pushed Back

The highly anticipated meeting between President Joe Biden and top congressional leaders to discuss the debt ceiling has been postponed until next week, according to the White House. The meeting was originally scheduled for May 12, but has been pushed back to ensure that all parties are fully prepared to discuss lifting the debt ceiling and avoiding a default on the country’s debt obligations before the June 1 deadline.

Positive Progress

Despite the delay, House Speaker Kevin McCarthy (R-Calif.) confirmed that talks with the president have not fallen apart and that the meeting has been rescheduled. A source familiar with the meetings also stated that this is a positive development, with staff continuing to meet and progress being made.

The Current Situation

The current limit on federal borrowing in the United States is $31.4 trillion, and Treasury Secretary Janet Yellen has warned that the country could default on its debt as early as June if the debt limit isn’t lifted. Biden and McCarthy met with other congressional leaders on May 9 to discuss the issue, and while progress has been made, there hasn’t been sufficient movement for a follow-up meeting this week.

The Way Forward

McCarthy believes that the best way forward is to find places where waste can be eliminated and the economy can be grown. Until the next meeting, staff from both sides will continue to meet daily to discuss progress and ensure that all parties are fully prepared to discuss the debt ceiling and avoid a default on the country’s debt obligations.

• Debt ceiling meeting between Biden and congressional leaders postponed until next week
• Leaders will discuss lifting the debt ceiling to avoid default on country’s debt obligations
• Current federal borrowing limit in the US is $31.4 trillion
• Treasury Secretary Janet Yellen warns of possible default as early as June if debt limit isn’t lifted
• Staff from both sides will continue to meet daily to discuss progress