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Biden's Meeting with Congressional Leaders on Debt Crisis Scheduled

President Joe Biden is set to convene with Kevin McCarthy and other congressional leaders early next week. The purpose of this meeting is to continue budget negotiations and address the impending default on the nation's debt, according to White House spokesperson Karine Jean-Pierre.

Joe Biden
Joe Biden

Staff-Level Talks Progressing Productively

Originally, a meeting was planned for Friday but was canceled to allow staff-level discussions to proceed. Jean-Pierre reported that these talks, which began on Tuesday, have been productive and are moving in the right direction. She refrained from providing specific details.

Biden-McCarthy Aides Discuss Federal Spending Limitations

Aides for both Biden and McCarthy have initiated conversations on limiting federal spending. This comes as the discussions surrounding the increase of the government's $31.4 trillion debt ceiling advance to prevent a disastrous default, as per Reuters.

Treasury Department's Deadline and G7 Summit

The Treasury Department has warned that it may exhaust its funds by June 1 if the nation's debt ceiling isn't raised. Biden is expected to attend the G7 summit next week. Though initially stating he could cancel the trip if necessary, Jean-Pierre confirmed that Biden will attend the summit.

Biden's Fiscal 2024 Budget Request and Republican Opposition

Biden's fiscal 2024 budget request relies on tax increases to reduce deficits, proposing a 5% increase in discretionary spending for next year. This creates a gap of over $200 billion with House Republicans, who want to decrease agency budgets by an average of 8% while increasing defense and veterans spending, leading to deeper cuts for other programs.