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Washington and Wall Street brace for White House debt ceiling talks

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Biden is set to meet with House Speaker Kevin McCarthy and other congressional leaders Tuesday as the clock ticks on a potential government default as soon as June 1.

Ninety-seven days later, the two men are finally set to sit down again Tuesday under starkly different terms — as an intensifying political standoff threatens the nation with the once-unthinkable prospect of default.

This time, the conversation carries even greater stakes: A failure to show some progress toward a debt ceiling deal could rattle the stock market at a moment when investors already are skittish — and debt-ratings agencies have warned they could downgrade U.S. credit in the face of persistent dysfunction.

“He wants to set up a process in which spending priorities and levels are discussed and negotiated, but these negotiations should not take place … with a gun to the head of the American people,” Treasury Secretary Janet L. Yellen said Sunday on ABC’s “This Week.”

 

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