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McCarthy to meet with Biden on debt ceiling

Speaker of the House Kevin McCarthy, R-Calif., arrives for a closed-door meeting with fellow Republicans as he pushes his sweeping debt ceiling package, at the Capitol in Washington, D.C., on April 26, 2023. (AP Photo/J. Scott Applewhite)

(CNN) — House Speaker Kevin McCarthy has accepted an invitation to meet with President Joe Biden on May 9 about the debt ceiling, according to a source familiar, setting the stage for a high-stakes moment in the debt ceiling standoff.

Biden invited all four Congressional leaders to the meeting.

Biden’s calls came after Treasury Secretary Janet Yellen notified lawmakers on Monday that the US could default on its debt by June 1.

Biden has not met with McCarthy since February.

The House passed a package to raise the debt ceiling by $1.5 trillion last week. The bill — which includes spending cuts, beefed-up work requirements in safety net programs and other measures that Democrats would not accept — has been described by Democratic Sen. Chuck Schumer as “dead on arrival” in the Senate.

Following the bill’s passage in the House, Biden told reporters he would be “happy to meet with McCarthy, but not on whether or not the debt limit gets extended.” The White House has maintained that the president would only accept a clean proposal to raise the nation’s borrowing limit.

McCarthy responded to Yellen’s comments Monday in a statement that said, “The clock is ticking.”

“After three months of the Biden administration’s inaction, the House acted, and there is a bill sitting in the Senate as we speak that would put the risk of default to rest,” McCarthy said. “The Senate and the President need to get to work — and soon.”

This story is breaking and will be updated.