President Joe 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 despite painstakingly slow negotiations.
Raising the stakes, the Tuesday afternoon session comes as Biden is preparing to depart for the Group of Seven summit in Japan where the U.S. leadership will be on the world stage later this week. The president and House Speaker Kevin McCarthy are trying to strike a budget deal before the U.S. Treasury runs out of cash to keep paying the nation's bills, which could occur as soon as June 1.
Even as the Democratic president and the Republican speaker box around the politics of the issue - with Biden insisting he's not negotiating over the debt ceiling and McCarthy working to extract spending cuts - various areas of possible agreement appear to be emerging. McCarthy has complained the talks are slow-going, saying he first met with Biden more than 100 days ago and that the president should be more focused on issues at home.
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."
Biden did signal over the weekend that he could be open to tougher work requirements for certain government aid programs, which Republicans are proposing as part of the ongoing discussion. He has said he will not accept anything that takes away people's health care coverage.
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