“US Default Risks June 1st,” Biden speaks with McCarthy – Last Hour

(ANSA) – WASHINGTON, May 01 – President Joe Biden has spoken with Speaker of the US House of Representatives, Kevin McCarthy, about extending the US national debt to avoid default. This was stated by a source close to the negotiations.

Biden has called McCarthy and other top Republican and Democratic congressional leaders to a “White House meeting on May 9” to discuss the issue.

US Treasury Secretary Janet L. Yellen has warned that the US could default on June 1 if Congress does not raise or suspend the debt limit, pressuring the president and lawmakers to reach an agreement to avert the scenario.

As leader of the narrow Republican majority in the House of Representatives, McCarthy has primary control over US budgetary matters. However, Biden has made clear that he will not accept the current speaker’s proposal to allow an extension of the US debt limit only in exchange for deep spending cuts on programs that Democrats say are vital to Americans. In addition to McCarthy, Biden also called the meeting – the White House announced – House Democratic Minority Leader Hakeem Jefferies, Senate Democratic Majority Leader Chuck Schumer and Senate Republican Minority Leader Mitch McConnell. (handle).

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