By Zeke Miller, Seung Min Kim, Josh Boak and Lisa Mascaro | Associated Press
WASHINGTON — President Joe Biden and congressional leaders are holding their first in-person meeting Tuesday to try to avert an unprecedented U.S. government default.
The president welcomed House Speaker Kevin McCarthy, House Democratic leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell in the Oval Office. Their initial challenge on Tuesday is to agree on what exactly they’re talking about as they hold their first substantive meeting in months.
With the government at risk of being unable to meet its obligations as soon as June 1, raising the specter of economic chaos, Republicans are coming to the White House hoping to negotiate sweeping cuts to federal spending in exchange for allowing new borrowing to avoid default.
Biden, on the other hand, is set to reinforce his opposition to allowing the country’s full faith and credit to be held “hostage” to negotiations — and to affirm his willingness to hold talks on the budget only after default is no longer a threat.
In brief remarks before substantive discussions began, Biden quipped to reporters, “We’re going to get started, solve all the world’s problems.”
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
WASHINGTON (AP) — House Speaker Kevin McCarthy said Tuesday that a federal debt deal with President Joe Biden is needed by next week if Washington hopes to avert a catastrophic national default as a June 1 deadline nears when money could run short for paying America’s bills.
Speaking ahead of a high-stakes meeting with Biden and other congressional leaders at the White House, McCarthy said he sees no reason why all sides can’t come to an agreement quickly over Republican ideas for cutting spending in exchange for raising the debt limit.
“I don’t think it’s that difficult,” McCarthy told reporters at the U.S. Capitol.
Biden and the…
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