President Joe Biden and House of Representatives Speaker Kevin McCarthy will meet at the White House this week for talks in the standoff over the federal debt ceiling and prospect for a US default.
WASHINGTON — President Joe Biden and House of Representatives Speaker Kevin McCarthy will meet at the White House on Wednesday for talks in the standoff over theHardline Republican lawmakers are withholding support for a measure that would let the country pay its debts until Democrats agree to spending cuts going forward., citing the risk to the U.S. economy from a default.
"He will underscore that the economic security of all Americans cannot be held hostage to force unpopular cuts on working families." "I know the president said he didn't want to have any discussions" on cuts, McCarthy said on CBS' "Face the Nation" program. "I want to find a reasonable and a responsible way that we can lift the debt ceiling take control of this runaway spending."The U.S. Treasury this month activated extraordinary cash management measures to avoid breaching the $31.4 trillion limit on federal debt imposed by Congress.
On Sunday, the president's spokesperson said the talks would cover "a range of issues" and were aimed at "strengthening his working relationship" with McCarthy, whose party is ramping up investigations into Biden since they took control of the House from Democrats following November's midterm elections.
The Republican threat to block efforts to raise the debt limit is unusual; such increases have been approved on a bipartisan basis in Congress for decades, with the exception of a 2011 vote that included spending cuts for several years ahead.McCarthy did not provide details on specific demands and ruled out an increase in the retirement age for Social Security and Medicare benefits.
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