President Biden has invited House Speaker Kevin McCarthy (R-CA), Senate Majority Leader Chuck Schumer (D-NY) and other congressional leaders for a May 9th summit on raising the debt ceiling.

After months of inaction by the White House, the move finally comes after Treasury Secretary Janet Yellen warned that the government could start defaulting on some of its debts as early as June 1st. Biden and McCarthy have been at odds over raising the $31.4 trillion debt limit.

The GOP-led House recently passed a bill to raise the debt cap by $1.5 trillion, while also calling for $4.5 trillion in spending cuts.

House Moves to Raise Debt Ceiling but Aims to Slash $4.5 Trillion in Spending, Targets IRS

Biden and Senate Democrats have rejected the bill, calling on Republicans to only pass a debt ceiling standalone measure. 

Republicans argue that simply allowing America to go further into debt without addressing the deficit spending will only cause America’s debt crisis to keep skyrocketing to unsupportable levels.  

Richard Stern, the Heritage Foundation’s director of the Grover M. Hermann Center for the Federal Budget, says the Democrats’ attempt to keep raising the debt ceiling without resolving the spending crisis will eventually lead to “a bankruptcy of the country.” 

“Rather than giving Biden another blank check for inflationary reckless federal spending, House conservatives spearheaded a bill that puts American families ahead of special interests. It’s time for the Senate and White House to follow House Republican’s lead, end the madness, and stop holding the nation hostage,” Stern writes.