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Watch live: Biden, McCarthy meet on debt ceiling deliberations

by The Hill staff - 05/22/23 4:53 PM ET

FILE - President Joe Biden talks with House Speaker Kevin McCarthy of Calif., as they walk down the House steps as they leave after attending an annual St. Patrick's Day luncheon gathering at the Capitol in Washington, March 17, 2023. The Tuesday, May 9, White House sitdown between the president and congressional leaders will be the first substantive talks between Biden and McCarthy in months, and comes weeks after House Republicans voted on a bill that would raise the debt limit but impose significant federal spending cuts. (AP Photo/Alex Brandon, File) — FILE – President Joe Biden talks with House Speaker Kevin McCarthy of Calif., as they walk down the House steps as they leave after attending an annual St. Patrick’s Day luncheon gathering at the Capitol in Washington, March 17, 2023. The Tuesday, May 9, White House sitdown between the president and congressional leaders will be the first substantive talks between Biden and McCarthy in months, and comes weeks after House Republicans voted on a bill that would raise the debt limit but impose significant federal spending cuts. (AP Photo/Alex Brandon, File)

President Biden will meet Monday evening with House Speaker Kevin McCarthy (R-Calif.) on the nation’s debt ceiling.

Treasury Department Secretary Janet Yellen warned lawmakers Monday that the nation will run out of funds to pay its debts by “early June, and potentially as early as June 1.”

In a letter to McCarthy sent a little more than an hour before the Speaker’s scheduled White House meeting with President Biden to discuss the debt ceiling, Yellen offered little new information on a deadline, saying early June remained the deadline for Congress to take actions.

Republicans are demanding spending cuts in exchange for raising the debt ceiling, and the two sides are far apart on a number of sticking points.

The meeting is scheduled to begin at 5:30 p.m. ET, and it is possible either may make remarks ahead of time. Watch for that here.

Tags debt ceiling economy Janet Yellen Joe Biden Kevin McCarthy President Biden Treasury Department