Joe Biden

President Joe Biden and top congressional Republicans and Democrats are scheduled to meet this week in an effort to settle a three-month impasse over raising the $31.4 trillion debt ceiling for the United States and avert a disastrous default before the end of May.

The federal government’s self-imposed borrowing cap needs to be increased, and the Democratic president is urging lawmakers to do it without restrictions. Republican Kevin McCarthy, Speaker of the House of Representatives, has stated that his body will not endorse any agreement that does not reduce expenditure to meet a mounting budget deficit.