By The Financial District
Biden, McCarthy Meet To Tackle U.S. Debt Limit
House Speaker Kevin McCarthy said Sunday he is looking forward to discussing with President Joe Biden a “reasonable and responsible way that we can lift the debt ceiling" when the two meet Wednesday for their first sit-down at the White House since McCarthy was elected to the post.
Photo Insert: The White House on Sunday confirmed Wednesday’s meeting on “a range of issues.” It said Biden looked forward to “strengthening his working relationship” with McCarthy and to asking about the speaker’s plan on spending.
McCarthy, R-Calif., said he wants to address spending cuts along with raising the debt limit, even though the White House has ruled out linking those two issues together as the government tries to avoid a potentially devastating financial default, Hope Yen and Zeke Miller reported for the Associated Press (AP).
The speaker pledged that cuts to Social Security and Medicare would be off the table. “I know the president said he didn’t want to have any discussion (on cuts), but I think it’s very important that our whole government is designed to find compromise,” McCarthy told CBS’ Face the Nation.
“I want to sit down together, work out an agreement that we can move forward to put us on a path to balance — and at the same time not put any of our debt in jeopardy at the same time.”
Asked whether he would make a guarantee, McCarthy said, “There will not be a default,” though he suggested that declaration depended on the willingness of Biden and Democrats to negotiate.
The White House on Sunday confirmed Wednesday’s meeting on “a range of issues.” It said Biden looked forward to “strengthening his working relationship” with McCarthy and to asking about the speaker’s plan on spending, noting that the first House bill passed by Republicans this year to slash IRS funding would ultimately increase the deficit.
“The President will ask Speaker McCarthy if he intends to meet his Constitutional obligation to prevent a national default, as every other House and Senate leader in US history has done,” the White House said.
“He will underscore that the economic security of all Americans cannot be held hostage to force unpopular cuts on working families.”
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