House Speaker Kevin McCarthy (R-CA) has reportedly accepted an invitation from President Joe Biden to meet to discuss the debt ceiling.

The biggest step yet in the debt ceiling standoff between Biden and House Republicans will take place on May 9, according to a source familiar with the situation who spoke with CNN. The president also invited House Minority Leader Hakeem Jeffries (D-NY), Senate Majority Leader Chuck Schumer (D-NY), and Senate Minority Leader Mitch McConnell (R-KY).

BIDEN INCHES CLOSER TO TALKING TO REPUBLICANS ABOUT DEBT CEILING IMPASSE

The news comes the day after Treasury Secretary Janet Yellen indicated in a letter to McCarthy and other congressional leaders that the U.S. would risk default absent a debt ceiling increase as early as June 1. This means that Biden and the Capitol Hill leaders may have less time to reach a deal and resolve the crisis than originally anticipated.

McCarthy’s House has passed, however narrowly, a set of spending cuts paired with a debt limit extension of $1.5 trillion or until March 31, 2024, whichever comes first. While that exact package cannot survive in its present form, this happened much earlier than Democrats expected, and the Democratic Senate has yet to be able to pass a clean debt ceiling extension.

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Biden is eager to avoid a default and steer the economy into strong waters ahead of his reelection campaign in 2024, while McCarthy will be working hard to maintain his speakership. Ultimately, it is in everyone's best interest to come to a compromise, and the negotiations next week are sure to be monumental for the future of the United States.