Both the Democratic and Republican parties are getting ready to negotiate in order to overcome the stalemate regarding the increase of the country's borrowing ceiling.

On Tuesday, President Biden will meet with House Speaker Kevin McCarthy and other congressional leaders at the White House to discuss the possibility of the U.S. defaulting for the first time, which could happen as early as June 1st.

The Democrats, who control the Senate, want a bill solely dedicated to raising the debt ceiling, but the Republicans, who control the House of Representatives, insist on spending cuts and policy changes being included in any proposal.

Although both parties are publicly holding firm on their positions, officials on both sides are privately seeking a solution to avoid a potential crisis. Biden Encounters Rough Month as Debt Discussions, Potential Border Surge Loom (Read)

This story originated via WSJ and was updated, by Anita Johnson-Brown.

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