Biden is ready to discuss the debt ceiling with congressional leaders at the White House in a high-profile session with reverberations across the globe as early outlines of a potential deal begin to emerge from painstakingly slow negotiations.
debt ceiling
It's the second time in a week that Biden has met with McCarthy of California and other congressional leaders at the White House. Biden is confronting a politically divided Congress for the first time on the debt ceiling, a test for both the president and McCarthy, the new speaker, as they work to stave off an economic crisis that could come from a federal default.
Among the items on the table: clawing back some $30 billion in untapped COVID-19 money, imposing future budget caps, approving permitting reforms to ease energy development and putting bolstered work requirements on recipients of government aid, according to those familiar with the talks. The debt limit must be lifted, as has been done countless times before, to allow continued borrowing to pay already accrued bills.
"It's time for the principals to get more engaged, get their closers out there," said Sen. John Thune of South Dakota, the Republican whip. "My impression is that they have too many cooks in the kitchen, too many people in the room and not the right people."
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