Time is tight to avoid a historic, economically destabilizing default on US government debt.
Deep disagreements remained over competing pressures for spending cuts versus tax increases.
Aides for Biden, McCarthy, Democratic Senate Majority Leader Chuck Schumer, top Senate Republican Mitch McConnell, and top House Democrat Hakeem Jeffries were expected to meet Wednesday afternoon and again Thursday, May 11, before a meeting on Friday, May 12, Biden has called with the four congressional leaders.
Adding to the urgency, Biden is scheduled to leave on May 18 for an annual meeting of leaders of the Group of Seven major industrialized nations, though he said he would cancel that trip if needed to work on a debt limit deal.
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