House Speaker Kevin McCarthy on Monday said he’s still “far apart” from President Joe Biden on reaching a deal to raise the U.S. debt ceiling. Reports have said Biden, McCarthy and other leaders are set to meet Tuesday on the debt ceiling and budget, and on Sunday, Biden said “I think [negotiations] are moving along, hard to tell. We have not reached the crunch point yet.” Treasury Secretary Janet Yellen has warned that a federal government default could happen as soon June 1 if Congress doesn’t raise the borrowing limit, and has said it could cause “financial chaos.”
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