Biden, congressional leaders meeting to avert default

President Joe Biden and congressional leaders are holding their first in-person meeting Tuesday to try to avert an unprecedented US government default.

The president welcomed House Speaker Kevin McCarthy, House Democratic leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell in the Oval Office. Their initial challenge on Tuesday is to agree on what exactly they're talking about as they hold their first substantive meeting in months.

With the government at risk of being unable to meet its obligations as soon as June 1, raising the spectre of economic chaos, Republicans are coming to the White House hoping to negotiate sweeping cuts to federal spending in exchange for allowing new borrowing to avoid default.

Biden, on the other hand, is set to reinforce his opposition to allowing the country's full faith and credit to be held ''hostage'' to negotiations — and to affirm his willingness to hold talks on the budget only after default is no longer a threat.

In brief remarks before substantive discussions began, Biden quipped to reporters, ''We're going to get started, solve all the world's problems.''