Biden-McCarthy Meeting Tees Up Tense Week of Debt-Limit Talks

President Joe Biden and Republican House Speaker Kevin McCarthy are set to meet Monday for talks on averting a catastrophic US default as time runs short and key differences remain.

Negotiations have whipsawed between progress and deadlock for days as the two sides simultaneously grapple for political advantage and a deal.

The leaders’ hand-picked negotiators met for more than two hours Sunday evening in McCarthy’s office at the US Capitol but did not discuss the status of those discussions with reporters.

House Speaker Kevin McCarthy after a May 16 meeting with President Joe Biden at the White House.

Photographer: Ting Shen/Bloomberg

Traders are girding for turbulence in markets with repayment of US Treasury debt, long regarded as the global ...