- Biden and McCarthy reject short-term debt-limit extension as June 1 deadline looms.
- Risk of first-ever US default.
- Treasury Secretary warns of exhaustion of ability to meet payment obligations.
- McCarthy demands deep domestic spending cuts in exchange for raising the nation's borrowing limit.
- Biden plans to make his case against the GOP proposal in New York.
White House, McCarthy Disavow Short-Term Debt-Limit Extension
President Joe Biden and House Speaker Kevin McCarthy agree on one thing heading into a crucial Tuesday meeting: they don’t want a short-term debt-limit extension.
Erik Wasson
