Clock ticking as Biden invites McCarthy and congressional leaders to debt limit meeting.

House Speaker Kevin McCarthy will meet with President Joe Biden on May 9 to discuss the debt limit, which the U.S. is projected to reach as soon as June 1. Republicans want to raise the debt ceiling in exchange for spending cuts, while the president wants to raise the government's borrowing limit without conditions. Biden invited the top congressional leaders in both parties to meet next week, including McCarthy, and will stress the urgency of acting as well as discuss how the White House can deal separately with House Republicans on future spending decisions.