Congressional leaders emerged from a meeting with President Biden Tuesday saying they were unable to break a months-long impasse over raising the nation’s borrowing limit, although the U.S. risks defaulting on its debt in three weeks, a development that would likely prompt international economic turmoil.
House Speaker Kevin McCarthy told reporters at the White House there was no progress in resolving the debt impasse between Mr. Biden and the GOP.
Mr. Biden said he has even considered invoking the 14th Amendment, which some legal scholars believe allows the president to keep borrowing without raising the debt ceiling, but he considered it an unlikely option now because it would take time to litigate. “The president asked all four of the leaders and himself to start sitting down as early as tonight … to see where we can come to an agreement on the budget and the appropriations process,” said Mr. Schumer, New York Democrat. “There are probably some places we can agree, in some places we can compromise hopefully.”
Mr. McCarthy and Senate Minority Leader Mitch Mcconnell, however, say any budget cuts will have to be paired with legislation raising the debt ceiling.
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