Biden says he’ll meet with McCarthy on Tuesday to talk debt ceiling

President Biden told reporters that he is meeting with Speaker Kevin McCarthy (R-Calif.) on Tuesday to resume talks about the debt limit and avoiding a default.

Biden confirmed the meeting while leaving a family lunch in Philadelphia after attending his granddaughter’s graduation ceremony at the University of Pennsylvania.

The White House has not yet officially announced a meeting or said who else would be attending. McCarthy’s office also hasn’t confirmed the timing of the meeting.

Earlier Monday, the president replied, “No,” when asked if there were any updates about the budget talks.

Biden met with congressional leaders last Tuesday at the White House to discuss the debt ceiling. This would be the first meeting between Biden and McCarthy since then, after scrapping a meeting scheduled for last Friday.

The Treasury Department has warned that the nation will run out of money to pay its bills as soon as June 1, which would risk a default. McCarthy on Monday stressed that an agreement must be reached by the weekend in order for congressional lawmakers to have enough time to pass it. 

The White House on Monday confirmed that Biden will leave as scheduled for his weeklong international trip Wednesday. The president is traveling to Japan for the Group of Seven summit before going to Papua New Guinea and Australia, where he is set to attend the Quad Leaders’ Summit on May 24.