Biden to release proposed U.S. budget plan on March 9 -source

U.S. President Joe Biden will put forth his proposed U.S. spending plan March 9, according to a source familiar with the White House plan.

Representatives for the White House had no immediate comment on the planned budget release.

News of the expected date comes as the Democratic president prepares to meet with House Speaker Kevin McCarthy, a Republican, on Wednesday at the White House to discuss the nation's spending, including the looming debt ceiling.

McCarthy and his fellow conservatives have vowed to negotiate over any action to address the nation's debt limit while Biden has said not raising the ceiling to pay for previously approved U.S. spending was a non-starter.

Asked what his message will be for the House's top Republican, Biden told reporters on Monday: "Show me your budget, I'll show you mine."

While the U.S. president can propose a budget plan, Congress must pass any spending legislation. While Biden's fellow Democrats narrowly control the Senate, Republicans took the majority in lower chamber this month after winning control in last year's midterm election.

The showdown over the growing U.S. debt threatens to roil the global economy if the United States defaults. U.S. Treasury Secretary Janet Yellen has said the country may reach its debt limit as soon as June and has called on Congress to take swift action.

The Treasury Department has already started taking "extraordinary measures" to stave off a default until summer after hitting the U.S. government's $31.4 trillion borrowing limit earlier in January.