Biden White House, McCarthy dig in ahead of debt meeting
U.S. President Joe Biden and House Speaker Kevin McCarthy won’t come to their first meeting over raising the debt ceiling with any specific proposals to stave off a possible default, both sides indicated on Tuesday.
The Wednesday meeting between Biden and McCarthy is likely to serve as the opening bell for months of back-and-forth maneuvering over raising the United States’ $31.4 billion borrowing cap.
However, neither side is showing signs they’re willing to negotiate on anything just yet.
Failure to reach agreement could lead to a possible default on U.S. debt as early as June.
Biden will call on McCarthy to release a budget plan in the meeting and to commit to support the nation’s debt obligations, according to a White House memo seen by Reuters.
“Raising the debt ceiling is not a negotiation; it is an obligation of this country and its leaders to avoid economic chaos,” economic adviser Brian Deese and director of the Office of Management and Budget Shalanda Young wrote.
This report’s information was first seen on REUTERS; to read more, click this link.