Biden and McCarthy hold critical debt limit summit

US President Biden and House Speaker McCarthy are scheduled to meet this afternoon. Experts from the White House and Congress will meet to consult ahead of the meeting. With just 11 days left until a possible debt default, President Joe Biden and House Speaker Kevin McCarthy will meet face-to-face at the White House on Monday to continue negotiations around the debt ceiling. McCarthy told reporters that he had a “productive” call with Biden on Sunday and that the two parties would resume talks later that day. A White House spokesperson confirmed to NBC News that negotiations would resume at 6 p.m. The lifting of the debt ceiling is necessary for the government to meet spending commitments already approved by Congress and the president to prevent a default. Raising the debt ceiling does not allow for new spending, but Republicans have said they will not lift the cap unless Biden and lawmakers agree to future spending cuts.