6th October (WNN) — President Joe Biden will meet with leaders of some of the nation’s biggest banks and businesses on Wednesday to work out a strategy to raise the US debt limit before the government defaults on some of its debt obligations this month.
The meeting, which will include a mix of virtual and in-person attendees, was scheduled to begin at 1 p.m. EDT.
Attendees include JPMorgan Chase CEO Jamie Dimon, Intel CEO Pat Gelsinger, Nasdaq CEO Adena Friedman, AARP CEO Joe Ann Jenkins and Citi CEO Jane Fraser.
Treasury Secretary Janet Yellen, Commerce Secretary Gina Raimondo and Senior White House Adviser Cedric Richmond will also attend the event.
The group is expected to discuss efforts to raise or suspend debt limits before October 18, when officials say the government will start defaulting on financial obligations – something that has never happened before.
Democrats in Congress have made several attempts to suspend debt limits, but they have been blocked by Republicans.
Yellen said on Tuesday that failing to meet debt limits could put the US in recession. This would make it even more difficult for the federal government to borrow money.
Senate Republicans are expected to block another vote on the debt limit on Wednesday, which will be the third time they have done so in three weeks.
According to the Washington Post, R-Tex’s Sen. John Cornyn said, “They basically want us to be supportive and provoking for their reckless spending and tax policies, and we’re not going to do that.”
The impasse could prompt Senate Democrats to change the chamber’s filibuster rules to pass a bill to raise the debt limit.
Republicans suspended debt limits several times under former President Donald Trump, with Democratic support.