President Joe Biden said on Saturday that talks with Congress on raising the U.S. government's debt limit were moving along and more will be known about their progress in the next two days. We have not reached the crunch point yet," Biden told reporters at Joint Base Andrews. Biden is expected to meet with Republican House Speaker Kevin McCarthy and other congressional leaders early next week to resume negotiations. Aides for Biden and McCarthy have started to discuss ways to limit federal spending as talks on raising the government's $31.4 trillion debt ceiling to avoid a catastrophic default creep forward, Reuters has reported. The Treasury Department says it could run out of money by June 1 unless lawmakers lift the nation's debt ceiling.

Source: The Times May 14, 2023 00:52 UTC