WASHINGTON (AP) — President Joe Biden will meet in person Monday with House Speaker Kevin McCarthy about averting an economy-wrecking federal default, and the Republican leader expressed cautious optimism about a possible debt ceiling compromise as Washington races to raise America’s borrowing limit before the funds could be depleted early next month.
The leaders spoke by phone Sunday while the president was returning home on Air Force One after the Group of Seven summit in Japan. McCarthy, R-Calif., told reporters at the Capitol that the call was “productive” and that the on-again, off-again negotiations between his staff and White House representatives would resume in the evening.
Both sides have said progress was being made but that they remain far apart, and talks had lapsed for part of the weekend. Biden’s Treasury Department has said it could run out of cash as soon as June 1, and Treasury Secretary Janet Yellen said Sunday, “I think that that’s a hard deadline.”
