Biden and McCarthy to discuss debt ceiling on Wednesday

Biden and McCarthy to discuss debt ceiling on Wednesday

House Speaker Kevin McCarthy announced an upcoming meeting with President Joe Biden on Wednesday. McCarthy is expected to discuss with Biden the possibility of raising the federal debt ceiling while controlling government spending, adding that Republicans will not allow the U.S. state to default.

“I know the president has said he doesn’t want any discussion. But I think it’s very important that the primary goal of all of our government’s work is to find a compromise,” McCarthy said.

“I want to find a reasonable and responsible way to raise the debt ceiling and get this unbridled spending under control,” McCarthy added.

This month, the U.S. Treasury Department took extraordinary cash management measures to avoid exceeding the $31.4 trillion federal debt limit set by Congress. The Treasury Department has already said it may not have enough cash to pay government bills by early June, posing the biggest threat of default since 2011.

“There will be no default,” McCarthy said. – But what’s really irresponsible is what Democrats are doing right now, saying we should just raise the limit.”

Most House and Senate Republicans said they would not support raising the debt ceiling without budget cuts or reforms to the nation’s spending structure.

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