President Joe Biden will meet with House of Representatives Speaker Kevin McCarthy next week as the two men look to strike a deal on the country's impending debt ceiling crisis.
The meeting was confirmed just hours after Treasury Secretary Janet Yellen warned the US could reach its borrowing limit as soon as June 1st, following months of special measures to keep paying the nation's bills.
But without an increase to the limit in coming weeks, the government would have to default for the first time in recent history, a move that would send shockwaves through global financial markets.
Our US Correspondent Benji Hyer reports.
IN: May 9th
OUT: SOC
DUR: 1 min wrap
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