President Joe Biden and congressional leaders met at the White House today to discuss the impasse over raising the debt ceiling.
With just over three weeks left before the government runs out of money, the meeting aimed to negotiate a solution and prevent an unprecedented government default.
Both sides remained firm in their positions, resulting in no breakthrough during the meeting.
Republicans have insisted on spending cuts as a condition for raising the debt limit, while the Biden administration has explored the possibility of invoking the 14th Amendment.
This constitutional provision guarantees public debt and could potentially allow the government to continue paying its bills beyond June 1st.
The situation has raised concerns about a constitutional crisis if the president is unable to issue more debt.
Failing to raise the debt ceiling would have serious consequences, including a potential partial government shutdown and furloughs.
In light of the unyielding stances and the urgent need to address the debt limit issue, President Biden and congressional leaders have agreed to meet again later this week.
The aim is to find a resolution that averts the impending risk and ensures the government’s ability to meet its financial obligations.