could reach the debt limit as early as June 1, shrinking the time frame for Congress to avert a default. There are few expectations that the meeting next week will produce any tangible progress - upping the risk that already nervous markets will respond negatively should the leaders emerge with a plan.īut multiple White House aides and Democrats on Capitol Hill - who requested anonymity to offer frank assessments - were astonished McCarthy was able to pass a Republican debt limit measure last week, sources and lawmakers say, and they were surprised again Monday when Treasury Secretary Janet Yellen alerted lawmakers that the U.S.

The White House has insisted that Biden isn't changing his position and that the invitation to McCarthy isn't a shift on the debt ceiling but a willingness to discuss other fiscal issues on a parallel track. Biden’s public calendar for the week runs only through Wednesday, however, the president regularly delivers remarks after the job numbers become public, and the source said the White House has indicated he will seek to highlight his successes and warn that a default threatens an immediate, steep decline in job growth that wouldn’t quickly revert.

A Democratic congressional source indicated Biden could use the monthly unemployment report scheduled for Friday to make his case about the debt ceiling by using the presidential bully pulpit.

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