Debt ceiling meeting between Biden and congressional leaders postponed

Washington — A meeting scheduled for Friday between President Biden and the top four congressional leaders to address the debt ceiling has been postponed as talks continue among staffers, sources said Thursday.

“This is a good thing. It means the staff level meetings are going well,” one person familiar with the situation said. 

The meeting will be rescheduled for sometime before Mr. Biden leaves for a trip to Japan next week. A White House spokesperson added that “all the principals” — including House Speaker Kevin McCarthy — agreed to move the meeting.

Mr. Biden, McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell met on Tuesday to discuss the rapidly approaching deadline to increase or suspend the debt ceiling or risk a default. Mr. Biden called the meeting “productive,” while McCarthy said he didn’t see any movement. Their staffers have continued to meet each day behind the scenes.

Earlier this week, the two sides still appeared far apart, with House Republicans continuing to insist on budget cuts in exchange for any debt ceiling increase, and Democrats holding out for a “clean” or stand-alone increase. McConnell said the U.S. will not default on its debt, but the GOP-controlled House and the White House remain at an impasse.

“Look over, these last few days and weeks, there’s going to be — there’s a lot of politics, posturing and gamesmanship, and it’s going to continue for a while,” Mr. Biden told reporters on Tuesday night. “But I am squarely focused on what matters, and we’re getting to work.”

Treasury Secretary Janet Yellen has warned the U.S. might not be able to pay its bills as soon as June 1 without a debt limit increase or suspension. She has warned that a default would be catastrophic to the American economy. 

Kristen Brown, Weijia Jiang, Nancy Cordes and Nikole Killion contributed reporting.