Seeking to strike a reassuring tone despite days of negotiations, President Joe Biden said Thursday afternoon that he’s had several “productive conversations” with House Speaker Kevin McCarthy and their teams are “making progress” on debt ceiling talks as the country inches closer to default.
“I’ve made it clear time and again: Defaulting on our national debt is not an option,” Biden said as he delivered remarks in the Rose Garden before nominating a new chairman of the Joint Chiefs of Staff.
But an agreement still remains elusive with just seven days until potential default. Treasury Secretary Janet Yellen maintains that the U.S. government could run out of cash to pay all its bills in early June, possibly as soon as June 1.
