Biden and McCarthy to hold debt ceiling negotiations after productive call.

President Joe Biden and House Speaker Kevin McCarthy will meet in person on Monday to discuss raising America's debt limit before federal funds potentially run dry early next month. Both sides have said progress was being made but that they remain far apart. Biden’s Treasury Department has said it could run out of cash as soon as June 1, and U.S. Treasury Secretary Janet Yellen said Sunday, “I think that that’s a hard deadline.” Republicans are holding tight to demands for sharp spending cuts, rejecting the alternatives proposed by the White House for reducing deficits.