This is CBS, I Am the World, I'm John Bachelors.

President Biden and GOP lawmakers not budging rights to Wall Street Journal headline as debt

ceiling meeting convenes.

The debt ceiling conversation in the White House is part of the larger maneuvering between

the parties these last weeks when it looks like a run-up or an actual campaign for 2024.

In this particular instance, it's so difficult to convey this in a summary sentence.

I'm going to rely on my colleague Joseph Sternberg, member of the editorial board who writes

politically economics.

To explain why it is that suddenly there's a deadline.

Washington hates deadlines.

They love the idea that they exist, but we're not going to meet it.

We're certainly not going to rush ourselves when we're doing politics.

Right now the deadline for a negotiation between the president and the Congress, chiefly

the House of Representatives, majority leader and speaker of the House, Mr. McCarthy.

That negotiation has a deadline of June 1st that if I read not only between the lines,

but I read them the line itself, nobody quite believes.

Joe, what is the June 1st deadline about?

Why are they pushing this to us as if when we reach June 1st there's a catastrophe?

Well, June 1st has emerged as the deadline here because that is when Treasury Secretary

Janet Yellen announced that the government is likely to bump up against the current debt

ceiling.

After that date, having exhausted all of the borrowing authority, the Treasury currently

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