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With debt limit looming, Biden, congressional leaders to finally meet at White House
WASHINGTON — President Joe Biden will meet with congressional leaders today as the race against the clock to raise the U.S. debt limit gets underway in earnest.
Treasury Secretary Janet Yellen has warned that the country could run out of cash as early as June 1 without an agreement.
Congressional Republicans say they won’t agree to raise the limit — once a routine procedure, now a familiar political standoff — without deep spending cuts.
Biden, meanwhile, is insisting that Congress must first agree to raise the debt ceiling without attaching any conditions.