Biden, McCarthy to hold pivotal meeting on debt ceiling as time to resolve standoff grows short

President Joe Biden and House Speaker Kevin McCarthy have a pivotal meeting coming up on the impasse over the debt ceiling. Washington is racing to strike a budget compromise and raise the nation’s borrowing limit in time to avert a devastating federal default. They're to meet face to face Monday afternoon. After a weekend of start-stop talks, both men appeared upbeat as they face a deadline, as soon as June 1, when the government could run out of cash to pay its bills. Back in the U.S. after the G-7 summit, Biden said his phone call with McCarthy earlier Sunday went well.