Biden Urges Debt Ceiling Hike to Avoid Default

The US Treasury has warned that the government could run out of cash to pay its bills as soon as June without a debt limit increase. President Joe Biden has called for a meeting with the four top congressional leaders, including Republican House Speaker Kevin McCarthy, on May 9 to discuss the issue. The Republican-led House of Representatives passed a bill to raise the debt ceiling last week that includes steep spending cuts which the Democratic-controlled Senate and Biden say they will not approve. Failing to act before Treasury's new June 1 date could force the United States into an unprecedented default on some bills.