The president remained hopeful that an agreement could be reached to avoid what would be an unprecedented debt default, which could trigger a financial catastrophe.
Biden, who was in Philadelphia on Monday to attend granddaughter Maisy’s graduation from the University of Pennsylvania, told reporters the meeting was on for Tuesday but did not elaborate on prospects for a deal.
Yellen said Monday that agency estimates are unchanged on the possible X-date when the U.S. could run out of cash. Republicans led by McCarthy want Biden to accept their proposal to rollback spending, cap future outlays and other policy changes in the package passed last month by House Republicans. “I voted for tougher aid programs that’s in the law now, but for Medicaid it’s a different story,” he said. “And so I’m waiting to hear what their exact proposal is.”
The president described that Oval Office session as “productive” even though McCarthy said later he “didn’t see any new movement” toward resolving the stalemate. White House and congressional aides have been in talks since Wednesday. An increase in the debt limit would not authorize new federal spending. It would only allow for borrowing to pay for what Congress has already approved.
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