Debt limit standoff brings tough talk, little action as Biden, world leaders watch for progress

The Biden administration and House Speaker Kevin McCarthy, R-Calif., are racing for a budget deal that would pave the way to increase the nation's debt limit. Republicans are demanding steep spending cuts that Democrats oppose as too severe. The two sides are up against a deadline as soon as June 1 to raise its borrowing limit, now at $31 trillion, so the government can keep paying the nation's bills.

"Let's be clear: The President's team is ready to meet any time," said Jean-Pierre, adding that Republican leadership is beholden to its extreme wing in threatening default.He said "the socialist wing" of the Democratic party appears to be in control, "especially with President Biden out of the country."

But as the deadline approaches as soon as June 1 when Treasury says it could run out of cash, and Republicans put their own legislation on the table, the White House launched on a budget deal that would unlock voting on the debt limit. In negotiations, House Republicans have called for defense spending to increase for the coming 2024 fiscal year, even as they want overall spending to decrease, the person said. The person said education, health care, Meals on Wheels and other programs would then "bear the entire burden of harsh cuts."

As the White House team left the nighttime session, Biden counselor Steve Ricchetti, who is leading talks for the Democrats, said he was hopeful. "We're going to keep working," he said.

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