President Joe Biden and Speaker of the House Kevin McCarthy will meet to discuss a debt ceiling on Monday, following a phone call following the president’s return to Washington from Hiroshima.
This was announced on Sunday by the main leader of the Republicans of the House of Representatives.
Earlier Sunday, the president called the Republicans’ latest proposal to raise the national debt ceiling «unacceptable» but added that he was willing to cut spending along with tax adjustments to reach an agreement.
With less than two weeks left until June 1, the Treasury Department has warned that the federal government could be unable to service its debt, causing chaos in financial markets and a spike in interest rates.