Biden's 'debt limit' meeting with Congressional leaders postponed

White House officials reported that US President Joe Biden’s debt limit meeting with four congressional leaders, scheduled for Friday, has been postponed until next week. US House Speaker Kevin McCarthy also said in a statement on the subject that the postponement in question did not mean that the debt limit talks were unsuccessful. Emphasizing that the meeting was not canceled, McCarthy stated that all leaders agreed that it would be best for their staffs to continue working on the debt limit before convening again. Biden met with McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell on Tuesday to discuss the debt limit. Biden, who said the meeting was productive, stated that they would meet again on Friday. House Speaker McCarthy noted that he did not see any progress after the meeting. The federal government in the US has reached the $31.4 trillion debt limit, which could lead to a default. The debt limit, or debt ceiling, is "an upper limit on the amount of money the U.S. government can borrow to service its debts." Republicans, who hold the majority in the House of Representatives, are in favor of significant spending cuts in debt limit negotiations. Democrats, on the other hand, insist on increasing the debt limit and reject Republicans' proposals to cut certain spending. There is concern that the debt limit issue, which has become a stalemate between Democrats and Republicans, will shake markets. As expectations of a recession rise in the U.S., the showdown between the two parties over the debt limit carries more risk than ever.