Biden To Meet Speaker McCarthy For Debt Limit Talks Around 16:30ET/21:30 BST

Multiple Capitol Hill sources have reported that President Biden and House Speaker Kevin McCarthy (R-CA) will hold their key debt limit talks today around 16:30 ET 21:30 BST.

• The news comes as White House negotiators arrive at the Capitol to continue negotiations which resumed yesterday after a call between Biden and McCarthy.
• White House Counselor Steve Ricchetti declined to comment on the nature of staff level talks, telling reporters: "We’re just going up to work."
• Although optimism for a deal increased yesterday, after Biden and McCarthy reported their call "went well," serious differences remain. McCarthy has outwardly shown no sign of stepping back from a demand to cap govt spending at 2022 levels: "We have to spend less money than we spent last year,” and Biden is facing a mutiny from Progressives on welfare reforms.
• Treasury Secretary Janet Yellen yesterday re-stated her June 1 X-date: “I think that that's a hard deadline. It's hard to be absolutely certain about this, but my assessment is that the odds of reaching June 15th while being able to pay all of our bills is quite low.”
• More analysis in today's MNI US Daily Brief.