Biden, top lawmakers to discuss debt limit at WH May 9

WASHINGTON (AP) — President Joe Biden sought Monday to ease a debt limit standoff by inviting the four Congressional leaders to the White House on May 9 — signaling the growing fears of a default as the federal government might be unable to pay its bills as soon as June 1

- Josh Boak, Mary Clare Jalonick and Lisa Mascaro

Administration and congressional officials confirmed the individual calls to lawmakers and the meeting date, insisting on anonymity to discuss the plans. Sen. Minority Leader Mitch McConnell, R-Ky., said he spoke with Biden and expects to speak with him again, though he did not say whether he will attend the meeting.

Biden plans to stress that Congress must take action to avoid default without conditions and will discuss the urgency of preventing default, as well as how to begin a separate process for passing a separate fiscal 2024 budget. But if even the lawmakers talk, there is no guarantee of progress on an issue that has revealed a gulf in how Democrats and Republicans think the country should be governed.

Biden and House Speaker Kevin McCarthy, R-Calif., are at an impasse on lifting the government's borrowing authority. The president has called for a clean increase to the $31.4 trillion cap, while McCarthy and GOP lawmakers are demanding spending cuts in return and passed a bill with $4.8 trillion in deficit savings over (10) years last week.

McCarthy has called on Biden to engage in talks. But as recently as shortly after noon on Monday, the president said in a speech that the GOP congressional leader needed to first make a commitment that the U.S. government would not default. House Republicans passed a bill last week that would cleave discretionary spending over the next decade in return for increasing the debt limit by $1.5 trillion or until March 31, 2024, possibly setting up another showdown going into that year's presidential election.