Treasury Secretary Janet Yellen reiterated Monday the US may default on its debt as soon as June 1 if Congress doesn’t act and that the country could face major economic repercussions.

Meanwhile, the White House confirmed Biden is canceling upcoming foreign trip stops to Papua New Guinea and Australia amid ongoing talks.

Negotiators have been able to pinpoint some areas on which congressional staff and the White House can find common ground, including revising the permitting process, rescinding unspent Covid-19 relief funds and potentially cutting spending, the sources said.Biden and the top four congressional leaders – House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell – held talks on the debt limit last week in the Oval Office.

Today's meeting, which has not yet been officially confirmed, according to the sources, comes after a planned Friday meeting was postponed as the staff-level talks continued.

Last edited by Spunky (5/16/2023 6:10 pm)