Biden calls for urgent debt ceiling meeting with congressional leaders.

President Biden invited Congress' top four leaders to a meeting after Treasury Secretary Janet Yellen warned that the US could default on its $31.4tn debt as soon as June 1. Senate Majority Leader Chuck Schumer has teed up two pieces of legislation: the debt-limit bill House Republicans passed last week that includes significant spending cuts and one that would suspend the debt limit through the 2024 election with no strings attached. The House GOP package represents a major victory for Republican leaders hoping to gain leverage in stalled talks with the president.