President Biden is meeting with Republican and Democrat congressional leaders in a high-stakes discussion to prevent the first-ever default by the US government. House Republicans are demanding deep spending cuts in exchange for raising the debt ceiling, but Biden and the Democrats want the federal borrowing limit to be raised without preconditions. The Treasury Department warns that the US government may not be able to pay all its bills on time as soon as June 1 if Congress doesn't take action. Although the meeting's expectations are set low, it is expected to be the beginning of negotiations to prevent a default, which both Democrats and Republican leaders say they want to avoid.