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you re live in the cnn newsroom. i m jim acosta in atlanta. we begin this hour with high stakes negotiations starting back up on the nation s looming debt crisis. just minutes ago talks resumed on the staff level in washington. but they will set the stage for a top level meeting tomorrow. president biden is expected to sit down with republican house speaker kevin mccarthy. the two men spoke by phone today as the president was flying back home from the g7 summit in japan. this new glimmer of optimism is a quick compromise appears increasingly bleak. the u.s. could run out of money to pay debts as early as june 1st. experts say that would be disastrous for the u.s. and the global economy. let s go the to white house and arlette saenz. what this what are they saying over there? the president returned to washington much the same when he left it, without any clear resolution in sight to avert a national default on the debts as early as 11 days from now. now, one thing ....
Table. now some of the areas for compromise are around clawing back covid relief funds and permitting reforms. but bottom line, these two leaders, president biden and house speaker will once again come face-to-face tomorrow with this high stakes week as secretary yellen once again said today that she believes june 1st is the earliest the u.s. could default on its debt and which could send the economy into a tail spin. arlette saenz, thank you so much. as president biden floats the idea of using the 14th amendment without congressional approval, he has the backing of several democratic senators who think it is a potential off-ramp out of the debt ceiling crisis. here is what he said earlier today. i m looking at the 14th amendment as to whether or not we have the authority i think we have the authority. the question is could it be done and invoked in time that it could not would not be ....
Time we see a new edition of a weapon, is that the key that s going to unlock this war to ending? i imagine it s got to be much more complicated than just weapons. we have a new sanctions package rolling out as well. i imagine it has to be some combination of a lot of different factors. what are you hearing from sources? from the european diplomats, they say, look, no one thick is going to be the silver bullet that sftops the russian militar. the sanctions have to start having an effect not just on the elite but on the population such that putin responds and tries to find a way out, maybe by saying, hey, the eastern part of ukraine is all i wanted and he ll find his own off ramp out. plus just giving the ukrainian army what it needs to continue to make the russian troops pay a high price on the battlefield. and that s why these iterative amounts of weapons keep going in. but everyone i ve spoken to, ....
But he s also being likely dismissive of this as if it s a distraction when it s the voice of the president of the united states. people take it seriously and hear what he has to say. i think it s a lot of wishful thinking. this is a case where i wouldn t argue for north korea refrained from provoxative actions. he had policy stuff in there and diplomacy. he was offering an off-ramp out of the crisis. i don t think that the fact remains the product of the people around the present. he almost got through the trip with the former and not the ....
Obama and president putin that this administration official said she has a long-standing history, the germans have a long-standing history with the russians. and that she was sort of laying out the contours of a potential framework of potential off-ramp is the term we ve been hearing to get russia out of crimea. that is also something that came up during the phone conversation between the president and putin. the president talked about this potential off-ramp, bringing in international observers to take the place of russian soldiers and look out for the interests of ethnic russians. at this point, putin is not buying that as an off-ramp out of the crisis. thank you, jim acosta. just getting breefd by white house officials about that call. i want to go to crimea now, ben wedeman is following developments. amazing to see that footage of the standoff between the soldiers in the crimea. i think that image and seeing that said 1,000 words. what can you tell us tonight? ....