Biden Blinks, Will Negotiate With McCarthy After Yellen Gives June 1 Debt Deadline

Asks To Meet With Hill Leaders After Yellen Gives June 1 Debt Deadline

  • Treasury Secretary Janet Yellen on Monday warned Congress that it must approve a deal to raise the debt ceiling by June 1 or risk a national default.
  • She had previously indicated the government was prepared to keep paying its expenses into early June, but her warning Monday accelerated the timetable to avert a default.
  • The GOP-led House last week passed a combination spending bill/ plan to raise the debt ceiling, which the White Hose says President Biden will reject.
  • After the announcement, news reports surfaced that Biden on Monday called the top four leaders in Congress to a May 9 meeting to discuss the matter.