Biden and top lawmakers to meet on debt limit as Treasury warns of breach.

President Biden has invited the four Congressional leaders to the White House on May 9 to discuss the debt limit standoff, as the federal government may be unable to pay its bills as soon as June 1. Biden plans to stress that Congress must take action to avoid default without conditions and will discuss the urgency of preventing default, as well as how to begin a separate process for passing a separate fiscal 2024 budget. Republicans are demanding spending cuts in return for lifting the government's borrowing authority, while Democrats want to decouple the debt limit from the budget process.