‘Productive’ meeting fails to find agreement on US budget

Speaker of the House Kevin McCarthy talks to reporters after the meeting (Evan Vucci/AP)

President Joe Biden and House Speaker Kevin McCarthy had what both called a “productive meeting” at the White House without reaching an agreement on a budget compromise to avoid a federal default.

Without an agreement by June 1, the US could start running short of cash to cover its debts, with Treasury secretary Janet Yellen saying in a letter to Congress on Monday “it is highly likely” the Treasury would be unable to pay all the nation’s bills.