Biden and McCarthy to meet again on debt ceiling with time running short
CBSN
President Joe Biden and House Speaker Kevin McCarthy are huddling in the White House once again on Monday at 5:30 p.m. ET as time is running short for them to strike a debt ceiling deal.
Mr. Biden cut his trip to Asia short, returning from Japan late Sunday night so he could work toward a deal in the final days before the June 1 deadline. The president and McCarthy spoke on the phone while Mr. Biden was aboard Air Force One en route back to Washington, and negotiators designated by the president and speaker have been trying to reach an agreement on a framework.
Treasury Secretary Janet Yellen has said the U.S. could be unable to pay its bills and could default on its debt as soon as June 1, but that date could slide in either direction. And it will take time to pass any legislation through both chambers of Congress, even once the president and McCarthy reach an agreement.
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