President Biden has called the top four congressional leaders to a meeting on May 9 to discuss how to avert a debt default, according to a White House official and Capitol Hill sources.
WASHINGTON — President Joe Biden has called the top four congressional leaders to a meeting May 9 at the White House to discuss how toTreasury Secretary Janet Yellenthat the U.S. could breach the debt ceiling by June 1 — earlier than expected — if Congress doesn't act in time. The letter sent shock waves across Capitol Hill, with the threat of economic calamity looming, as Congress and the White House remain deadlocked over the issue.
The White House official said Biden will"stress" to congressional leaders that they"must take action to avoid default without conditions," saying the meeting was scheduled to discuss"the urgency of preventing default," as well as how to begin negotiating a budget.
“We do not have the luxury of waiting until June 1 to come together, pass a clean bill to avoid a default and prevent catastrophic consequences for our economy and millions of American families. Republicans cannot allow right-wing extremism to hold our nation hostage," they wrote.
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