Biden to meet with McCarthy, Jeffries, Schumer and McConnell on debt limit

President Joe Biden is meeting with the top four members of Congress Tuesday afternoon, as Republicans and Democrats still appear to have made no progress on an agreement to address the looming debt ceiling crisis. 

Mr. Biden, House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell are gathering in the Oval Office at 4 p.m. 

Republicans would raise the limit on the country's borrowing authority in exchange for spending cuts, while Democrats, including Mr. Biden, want to increase the debt limit without any conditions attached. Neither side appears willing to budge, for now. Mr. Biden insists the debt ceiling is Congress' responsibility to handle, while Republicans say Mr. Biden and Democrats on Capitol Hill must compromise on spending.