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Biden Administration: President Biden President is scheduled to meet at 4 p.m. ET with House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell in the Oval Office to discuss raising the U.S. debt limit.

Middle East: Israel's military said it killed three Palestinian militant commanders in strikes in Gaza that Palestinian officials said left 13 people dead, threatening a new round of escalating violence. (▶️Video)

Russia-Ukraine War: Russian President Vladimir Putin condemned allied military support for Ukraine in a speech at his country’s annual Victory Day parade commemorating the defeat of Nazi Germany in World War II.

Expectations for the meeting are low, as House Republicans demand deep spending cuts in exchange for raising the debt ceiling, and Mr. Biden and Democrats in Congress maintain that the federal borrowing limit should be raised without preconditions, report Andrew Restuccia and Natalie Andrews. The White House has been reluctant to even label the meeting a negotiation.

• Q&A: What Happens if the Limit Isn’t Raised? (Read)

The companies falsely claimed they were affiliated with the Education Department and told borrowers they would take over the servicing of their student loans, regulators said in a complaint filed in federal court in California last month, reports Gabriel T. Rubin.

In other politics news...

• Chicago, New York Scramble to House Migrants as Border Restrictions End (Read)

• Disney Says DeSantis, Allies Are ‘Weaponizing the Power of Government’ (Read)

Western companies are looking for a backup to China, and only India has a labor force and an internal market comparable in size, report Philip Wen, Vibhuti Agarwal and Greg Ip. New Delhi has pushed to make the business environment more friendly than in the past, but obstacles remain: India's labor force remains mostly poor and unskilled, infrastructure is underdeveloped and the business climate, including regulations, can be burdensome.

• Chinese Exports Cool in Latest Warning Sign on Global Trade (Read)

In other economic news...

• The Decline of the Five-Day Commute Is a Boon to Suburban Retail (Read)

• Daycare at Work, Long a White-Collar Benefit, Is Proving Tough to Pull Off for Blue-Collar Workers (Read)

An Army spokeswoman said Mauricio Garcia, who was shot dead by a police officer after opening fire at a mall on Saturday, was terminated three months after he enlisted in 2008, without completing initial entry training, report Ben Kesling, Sadie Gurman and Adolfo Flores. The Army can choose to terminate soldiers’ contracts early if they are found to have mental or physical problems that prevent them from doing their job as soldiers.

State media said that amid Western pressure on China, profit-oriented consulting firms sometimes have a weak awareness of the country’s national security concerns, and had frequently operated at the edge of legality to gather information in sensitive sectors of the military, the defense industry, the economy and finance, report James T. Areddy and Liyan Qi.

• Chinese Company Now Owns Tutoring Firm Contracted by Military and Schools in U.S. (Read)

• China Expels Canadian Diplomat in Retaliatory Move (Read) (▶️Video)

In other world news...

• Jewish Communities Rally Around WSJ Reporter Evan Gershkovich, Advocate for His Release (Read)

• Ukraine Downs Dozens of Drones Over Kyiv in Russian Air Assault (Read) (▶️Video)

• Chile Elects Right-Wing Council to Draft New Constitution (Read)

The SEC has been waging a campaign to regulate cryptocurrencies since 2017, arguing it has the authority to oversee many digital coins and the platforms that trade them, report Peter Santilli, Caitlin Ostroff and Dave Michaels. 

In other regulatory news...

• The Supreme Court Case That Could Threaten the SEC’s Climate-Disclosure Rule (Read)

Deliberations by the nine-member jury are set to begin today over claims Ms. Carroll made in a 2022 lawsuit, alleging that the former president raped her in a department store dressing room in the 1990s then damaged her reputation after she went public with her account, report Corinne Ramey and James Fanelli. Mr. Trump chose not to testify in the trial but in a videotaped deposition he accused Ms. Carroll of making up her allegations for publicity and political reasons.

• Judge Restricts Donald Trump’s Use of Evidence in Hush-Money Case (Read)

• A U.S. government default could lead to delayed healthcare payments to medical providers and force states to pick up the entire tab. (National Journal)
• A survey shows that when describing themselves, just 28% of Asian adults in the U.S. use the panethnic labels Asian or Asian American, preferring terms that more specifically reflect their heritage and family roots. (Pew Research Center)
• The U.S. plans to announce as soon as today a $1.2 billion military aid package for Ukraine that will include air defense systems, ammunition and funds for training. (Reuters)

Would a federal government default benefit Democrats or Republicans politically? Which side, and why?

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