No progress on debt ceiling as deadline approaches

President Joe Biden met with legislative leaders on Tuesday, but neither side gave any indication of progress on the debt ceiling ahead of a potential June 1 default deadline.

President Joe Biden met with House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell at the White House.

Both sides accused each other of holding the economy hostage in the debt ceiling talks.

McCarthy said he didn't see any progress. Schumer said McCarthy refused to take default off the table and argued that a bipartisan solution was needed. Jeffries said additional meetings were planned.

A short-term extension also appeared out of reach.

"I don't think a short term extension does anything," McCarthy said after the meeting.

McCarthy put the ball in Schumer's court.

"My position is clear and reasonable," the House Speaker posted on Twitter. "House Republicans have done their job to avoid a default and responsibly raise the debt limit. Democrats must now do the same."

Schumer said any path forward would need bipartisan support. 

House Republicans recently passed a bill to cut spending by nearly $5 trillion and raise the debt limit by about $1.5 trillion, or until March 31, 2024, whichever comes first.

Republicans have said they won't agree to raise the debt limit without spending cuts.

Biden and Democrats have said Congress must raise the debt limit before discussing changes to spending or other budget changes.

U.S. Treasury Secretary Janet Yellen said lawmakers must raise the debt ceiling by June 1 or risk a default on U.S. debt obligations.
Dan Butcher

Dan Butcher is the editor and publisher of High Plains Pundit. Dan is also the host of the popular High Plains Pundit Podcast.

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