an encouraging new phase Tuesday as President Joe Biden and House Speaker Kevin McCarthy named top emissaries to negotiate a deal to avert an unprecedented national default.
Biden cut short an upcoming overseas trip in hopes of closing an agreement before a June 1 deadline.The fresh set of negotiators means discussions are now largely narrowed to what the White House and McCarthy will accept in order to allow lawmakers to raise the debt limit in the coming days.
The speaker said after a meeting with Biden and congressional leaders that a deal was "possible" by week's end, even as — in McCarthy's view — the two sides remained far apart for the moment.Biden was publicly upbeat after a roughly hourlong meeting in the Oval Office, despite having to cancel the Australia and Papua New Guinea portions of his overseas trip that begins Wednesday.
Biden will participate in a Group of Seven summit in Hiroshima, Japan, but then return to Washington on Sunday."There’s still work to do," Biden said. "But I made it clear to the speaker and others that we'll speak regularly over the next several days and staff's going to continue meeting daily to make sure we do not default."RELATED: Debt ceiling: Biden cuts short upcoming trip; McCarthy says deal possibly by end of weekSenior White House officials, as well as top aides to the four congressional leaders — McCarthy, R-Calif., Senate Majority Leader Chuck Schumer, D-N.Y., Senate Minority Leader Mitch McConnell, R-Ky., and House Minority Leader Hakeem Jeffries, D-N.Y. — have been meeting daily.But now, Steve Ricchetti, counselor to the president, Office of Management and Budget Director Shalanda Young and legislative affairs director Louisa Terrell will take the lead in negotiations for.