President Joe Biden’s meeting with congressional leaders Tuesday on the debt limit could lay the groundwork for staff to start negotiations or, at the least, kick off a series of Oval Office conversations, according to former congressional aides who navigated similar standoffs in the past.
The White House meeting comes a little over three weeks before the federal government could run out of borrowing room and be unable to pay all its bills on time.
The “x date” could be as soon as June 1, according to Treasury Secretary Janet L. Yellen, who in an interview with CNBC on Monday warned of “economic catastrophe” and “financial chaos” if action isn’t taken in time.
