McCarthy agrees to meet with Biden on debt ceiling next week

A senior House Republican leadership aide confirmed Tuesday that Mr. McCarthy, California Republican, will meet with the president May 9 at the White House. Also attending the meeting will be House Minority Leader Hakeem Jeffries, Senate Majority Leader Charles E. Schumer, and Senate Minority Leader Mitch McConnell.

“The American people fundamentally reject this scorched earth approach to governing,” Mr. Bates said. “Our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1,” Ms. Yellen wrote in a letter to congressional leaders.

Since January, the Treasury Department has undertaken “extraordinary measures” to stave off default after the government hit its $31.4 trillion borrowing capacity. Those emergency tactics give the government only enough room to cover day-to-day expenses.

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