President Joe Biden recently held a crucial meeting with Republican leaders to address the impasse over the US debt limit, which has far-reaching consequences on the world’s largest economy as well as the upcoming presidential election. The meeting at 4pm included Biden, House Speaker Kevin McCarthy, and Senate Republican leader Mitch McConnell. As the national debt ceiling, currently standing at US$31.4 trillion, has been a contentious issue in recent years, Republicans have pushed for spending curbs and a smaller budget deficit in exchange for raising the borrowing limit.
McCarthy and his Republican Party have refused to agree to a debt ceiling increase without Democrats first committing to comprehensive budget cuts. Time is critical as Treasury Secretary Janet Yellen issued a stark warning that failure to reach an agreement within weeks would result in “financial and…
