The Washington PostThe Washington Post

Washington and Wall Street brace for White House debt ceiling talks

By Tony Romm

09 May 2023 · 7 min read

Editor's Note

If Joe Biden and Kevin McCarthy fail to make progress toward a debt-ceiling deal this week, the prospect of a default will grow. As the Post reports, nervous investors will be crossing their fingers.

WASHINGTON - Exiting the White House in February, House Speaker Kevin McCarthy sounded a hopeful note, describing his roughly hour-long conversation with President Biden as a "good first meeting" on fiscal issues.

Ninety-seven days later, the two men are finally set to sit down again Tuesday under starkly different terms - as an intensifying political standoff threatens the nation with the once-unthinkable prospect of default.

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