McCarthy agrees to speak with Biden on debt ceiling: Report

The biggest step yet in the debt ceiling standoff between Biden and House Republicans will take place on May 9, according to a source familiar with the situation who spoke with CNN. The president also invited House Minority Leader Hakeem Jeffries , Senate Majority Leader Chuck Schumer , and Senate Minority Leader Mitch McConnell .The news comes the day after Treasury Secretary Janet Yellen indicated in a letter to McCarthy and other congressional leaders that the U.S.

McCarthy’s House has passed, however narrowly, a set of spending cuts paired with a debt limit extension of $1.5 trillion or until March 31, 2024, whichever comes first. While that exact package cannot survive in its present form, this happened much earlier than Democrats expected, and the Democratic Senate has yet to be able to pass a clean debt ceiling extension.

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