Biden calls May 9 meeting with congressional leaders to discuss the debt ceiling

President Joe Biden has called a meeting of key congressional leaders to discuss a resolution to the debt ceiling standoff as Treasury Secretary Janet Yellen warns the U.S. may default without a resolution before June 1.

Biden's call for talks follows weeks of refusing to meet with congressional Republicans to discuss a prospective resolution. The meeting has been set for May 9, the Washington Post reported, citing a "White House official."

The gathering would mark the first meeting between House Speaker Kevin McCarthy and President Joe Biden on the matter since Feb. 1. Senate Majority Leader Chuck Schumer, Senate Minority Leader Mitch McConnell, and House Minority Leader Hakeem Jeffries have also been invited.

The nation hit its $31.38 trillion spending limit in January of this year, prompting Yellen to implement "extraordinary measures" to keep the government afloat. Yellen on Monday warned House Speaker Kevin McCarthy that the nation risked a default should Congress fail to reach a deal on raising the spending limit by June.

While the White House and congressional Democrats have sought a clean increase to the debt limit with no strings attached, Republicans have advocated for pairing any increase with caps on domestic spending, as well as long-term reductions.

In late April, the GOP-led House approved the Limit, Save, Grow Act of 2023 to increase the debt limit for one year and cap spending increases, though it is unlikely to clear the Democratic Senate and Biden has vowed to veto the plan should it reach his desk.

Ben Whedon is an editor and reporter for Just the News. Follow him on Twitter.