US House Speaker Kevin McCarthy and House Minority Leader Mitch McConnell hold a news conference on May 9, 2023, following a highly-anticipated meeting on the debt ceiling at the White House.InternationalIndiaAfricaWASHINGTON (Sputnik) – A meeting between US President Joe Biden and congressional leaders to discuss the debt ceiling and looming default has been postponed after staff-level talks proved unsuccessful.Biden was set to talk with congressional leaders on Friday to follow up on earlier debt ceiling negotiations that followed a meeting with Republican and Democrat leadership at the start of the week. US House Speaker Kevin McCarthy said the postponement was due to the fact that not enough progress was made during the staff-level talks, and that it should not be seen as a delay.”The White House didn’t cancel the meeting – all of the leaders decided that it’s probably in the best of our interest to let the staff meet again before we get back together,” McCarthy said on Thursday. “It’s not a delay… I don’t think there is enough progress for the leaders to get back together.”McCarthy said he expects the leaders to meet again sometime next week. The House speaker further noted that the postponement should not be read as a signal that talks are falling apart, adding it will be more productive to let staff meet again.EconomyBiden May Skip Upcoming G7 Summit in Hiroshima if Debt Ceiling Not RaisedYesterday, 03:11 GMTBiden is feeling the pressure of negotiations as the time for a potential US default dwindles, McCarthy said.
On Tuesday, Biden met with congressional leaders, including US House Speaker Kevin McCarthy and Senate Majority Leader Chuck Schumer, to negotiate potentially raising the debt ceiling.
Last month, House Republicans passed legislation to raise the debt ceiling in exchange for cuts to government spending. However, Biden and Schumer both rejected the measure, with the US Senate instead opting for holding hearings to highlight setbacks that would be caused by the GOP-cleared measure.
Democrats have called for raising the debt ceiling without concessions.
The US has been operating under the use of “extraordinary measures” taken up by the Treasury Department since January; however, Treasury Secretary Janet Yellen has said the US could default on its financial obligations as early as June if Congress fails to act on the matter..