As President Joe Biden and House Speaker Kevin McCarthy, R-Calif., haggle over raising the country’s borrowing power, House Democrats are moving forward with an effort to bypass their Republican colleagues in the majority and force a vote on a clean increase to the debt limit.

What You Need To Know

  • House Democrats are circulating what's known as a discharge petition in order to try and force a vote on a clean increase to the debt limit

  • The discharge petition would allow lawmakers to put the bill on the House floor if it gets the signatures of a majority of the chamber; Democrats would need the support of five House Republicans

  • The move comes just days after Treasury Secretary Janet Yellen warned that the U.S. could reach a first-ever default “as early as June 1"

  • President Joe Biden and congressional leaders met again Tuesday on the debt limit; Both sides appeared to emerge the meeting with some semblance of optimism, though House Speaker Kevin McCarthy, R-Calif., said that the sides are still far apart

Pennsylvania Rep. Brendan Boyle, the ranking Democrat on the House Budget Committee, told the Wall Street Journal that he will circulate a discharge petition – a parliamentary procedure that would allow them to bring a bill to the floor without going through committee – in order to force a vote on raising the debt limit.  

The move comes just days after Treasury Secretary Janet Yellen warned that the U.S. could reach a first-ever default “as early as June 1.” Experts, both inside the White House and out, warn that the U.S. defaulting on its obligations could devastate the global economy.

“We only have two weeks to go until we may hit the ‘x-date,’” Boyle told the outlet, referring to the date when the Treasury Department's "extraordinary measures" employed to stave off default will run out. “We must raise the debt ceiling now and avoid economic catastrophe.”

In a letter to colleagues on Wednesday morning, House Democratic Leader Hakeem Jeffries, D-N.Y., expressed his support for the measure, which would require the signatures of 218 members of the House – meaning five House Republicans would need to break ranks with their party and back the motion. Jeffries was one of the participants in a meeting of President Biden, Vice President Kamala Harris and other members of congressional leadership on Tuesday, including Speaker McCarthy.

“Emerging from the White House meeting, I am hopeful that a real pathway exists to find an acceptable, bipartisan resolution that prevents a default,” Jeffries wrote. “However, given the impending June 1 deadline and urgency of the moment, it is important that all legislative options be pursued in the event that no agreement is reached.”

Jeffries said that Boyle’s petition will “provide a vehicle that may be necessary to protect the full faith and credit of the United States,” adding that it is “imperative” that members of his conference “make every effort to sign the discharge petition today.”

Both sides appeared to emerge from Tuesday’s meeting with some semblance of optimism, though Speaker McCarthy said that the sides are still far apart.

"We've got a lot of work to do in a short amount of time," McCarthy said, adding: "It’s not that difficult to get to an agreement."

But, the California Republican offered, "it is possible to get a deal by the end of the week."

McCarthy added that the scope of the talks will now narrow, between the speaker and the president.

"The president changed the scope of who's now negotiating," he said. "The structure of how we negotiate has improved."

Steve Ricchetti, counselor to the president, Office of Management and Budget Director Shalanda Young and legislative affairs director Louisa Terrell will take the lead in negotiations for the Democratic side, while Rep. Garret Graves, R-La., a key McCarthy ally who has been a point person for the speaker on debt and budget issues, will represent Republicans.

At an event Tuesday evening, Biden characterized the meeting as "good" and "productive."

"There is still work to do," Biden said. "But I made it clear to the speaker and others that we'll speak regularly over the next several days and the staff's gonna continue meeting daily to make sure we do not default."

"I'm confident we're going to continue to make progress toward avoiding default," Biden continued, adding that he believes there was an "overwhelming consensus" in Tuesday's meeting "that defaulting on the debt is simply not an option."

"Our economy would fall into recession," Biden warned. "It would devastate retirement accounts, increase borrowing costs, and according to Moody's, nearly 8 million Americans lose their jobs, and our international reputation would be damaged in the extreme if we let that happen."

"It's disappointing that our discussions in the congressional Republicans have not been willing to discuss raising revenues, but policy differences between the parties should not stop Congress from avoiding default," Biden continued. "I made clear again in today's meeting that default is not an option. America pays its debts, pays its bills, and there will be plenty of time to debate the policy differences."

"We've never defaulted on our debt and we never will," he added.

In an interview with MSNBC’s “The Last Word” on Tuesday night, Rep. James Clyburn, D-S.C., a member of House Democratic leadership, said that such a measure “should be on the table” in order to address the debt limit.

“This is coming a little quicker than we thought,” Clyburn, the House Assistant Democratic Leader, told host Lawrence O'Donnell, adding that he’s advocated for a short-term debt limit extension that coincides with the end of the fiscal year in September.

Clyburn also questioned the need for the U.S. to continue having a debt limit. “How many other countries have got this kind of debt ceiling? I think we’re the only one left. This is not the way to do things in this day and time.”

“Why do we have it?” he asked.

The Associated Press contributed to this report.