House Speaker Kevin McCarthy has agreed to meet with President Joe Biden on May 9 to talk about how to resolve the debt ceiling standoff, just weeks before the federal government is expected to need a higher borrowing limit.
Two sources familiar with the matter told Fox News Digital that McCarthy spoke with Biden and agreed to meet a week from today.
The agreement to meet came hours after Treasury Secretary Janet Yellen told Congress that federal government will need to borrow more money to pay existing obligations by June 1.
HOUSE PASSES MCCARTHY'S DEBT CEILING BILL BY TWO VOTES, FOUR REPUBLICANS VOTE AGAINST
Speaker of the House Kevin McCarthy, R-Calif., talks to reporters just after the Republican majority in the House narrowly passed a sweeping debt ceiling package as they try to push President Joe Biden into negotiations on federal spending, at the Capitol in Washington, Wednesday, April 26, 2023. ((AP Photo/J. Scott Applewhite))
The same day Yellen issued that projection, the president invited all for congressional leaders for a meeting at the White House. House Republicans passed a bill last week aimed at raising the debt limit while also enacting deep cuts that are projected to slash discretionary spending levels by roughly $150 billion from fiscal year 2023 to 2024.
President Joe Biden and Senate Majority Leader Chuck Schumer have so far made clear that they will not entertain the legislation, and have insisted on a "clean" debt limit increase separately from conversations about spending cuts.