Debt ceiling negotiations face delays and political gamesmanship.

President Joe Biden's meeting with congressional leaders to discuss the debt ceiling has been postponed until next week, allowing staff to continue working on negotiations. Recent meetings and staff-level talks have yielded few public signs of a breakthrough to avoid a default that Treasury Secretary Janet Yellen warned could come as early as June 1. Biden, Senate Majority Leader Chuck Schumer, and House Minority Leader Hakeem Jeffries remain adamant that the threat of default be taken off the table, while Speaker Kevin McCarthy demands spending cuts. The delay is seen as a positive development, allowing staff to make more progress and principal negotiators to make bigger moves next week.