BILS - Debt ceiling crisis: Biden and McCarthy set to meet on Monday

2023-05-22 03:57:00 ET

A weekend full of drama saw both sides of the aisle continue to point fingers over the debt ceiling, before things took a positive turn on Sunday night as Air Force One returned from the G7 summit in Japan.

"It went well," President Biden declared, after speaking with House Speaker Kevin McCarthy, while the latter described the call as "productive."

Regarding whether the 14th Amendment would be an effective solution to the crisis, Biden confirmed his belief that "we have the authority" to invoke the article, though a series of legal challenges could still mean the U.S. would default on its debt.

Meanwhile, Treasury Secretary Janet Yellen reiterated her warning that a default could take place as early as June 1, and that "hard choices" would need to be made about which "bills will go unpaid" if the debt limit was not raised.

More on the U.S. Debt Ceiling:

• Biden says Republicans should move away from their 'extreme position'
• 'No good options,' but Yellen doesn't rule out emergency measures to avoid U.S. default
• 3 Make-Or-Break Crises Impacting The U.S.

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