Deal or Default?
Biden, GOP must decide what's on the table
Before President Joe Biden and congressional leaders can even try to avert an unprecedented U.S. government default, their initial challenge on Tuesday will be to agree on what exactly they're talking about as they hold their first substantive meeting in months.
With the government at risk of being unable to meet its obligations as soon as June 1, raising the specter of potential economic calamity, Republicans are coming to the White House hoping to negotiate sweeping cuts to federal spending in exchange for allowing new borrowing to avoid default.
Biden, on the other hand, is set to reinforce his opposition to allowing the country’s full faith and credit to be held “hostage” to negotiations — and to affirm his willingness to hold talks on the budget only after default is no longer a threat.
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