U.S. President Joe Biden is expected to speak in New York on Wednesday as a high-stakes race against the clock got underway in earnest at the White House, with the health of the global economy hanging in the balance.

Biden met with congressional leaders, including Speaker Kevin McCarthy, his chief antagonist in a protracted standoff over the debt ceiling — a legislative limit on the U.S. government’s borrowing power. Following their meeting, Biden said the two sides would continue to meet, but he insisted he would not entertain talk of spending cuts without a clean agreement to raise the borrowing limit.

Treasury Secretary Janet Yellen warned last week that the current ceiling could be reached as early as June 1, at which point the U.S. would not have enough money at its disposal to pay all of its bills.

House Republicans say they won’t agree to raise the limit — once a routine procedural matter, now a frequent and all-too-familiar point of political tension — without significant cuts to government spending.

For more info, please go to https://globalnews.ca/news/9686546/us-debt-ceiling-canada-biden-mccarthy/

Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB

#GlobalNews #DebtCeiling #Biden