What to watch for in the Biden-McCarthy debt ceiling meeting
Reuters
23-05-09 09:08
US President Joe Biden is meeting Republican House Speaker Kevin McCarthy and other congressional leaders to discuss raising the debt limit ahead of a potentially catastrophic June deadline. Credit agency Fitch has warned that failure to raise the debt ceiling would prompt it to put the US on a negative ratings watch, as lawmakers debate whether to increase the borrowing limit by around $2.1tn or else risk a default that would roil markets and damage the economy. The 4pm meeting is not expected to produce a final agreement, but will be closely scrutinised by global investors, policymakers and voters.