U.S. President Joe Biden has called the four top leaders in Congress, including Republican House Speaker Kevin McCarthy, to participate in a meeting at the White House next week after the Treasury Department warned that available cash may not be enough to meet government obligations by June.
Last week, House Republicans passed a bill to raise the debt ceiling that includes severe spending cuts, which Biden and the Senate have stated they will not approve.
Failing to reach an agreement before the new deadline set by the Treasury on June 1 could force the United States to default on some obligations in an unprecedented manner.
Biden insists that he will not negotiate on raising the debt ceiling but will discuss budget cuts after a new ceiling is approved. Treasury Secretary Janet Yellen stated in a letter to Congress: "It is unlikely that the department will be able to meet all U.S. government obligations in early June."
