President Joe Biden and House Speaker Kevin McCarthy meet Wednesday to discuss a $31.4 trillion national debt ceiling. Republicans, who took control of the House of Representatives in the November election, oppose increasing the federal government’s borrowing limit. Republicans want to use the debt ceiling as leverage to push for federal spending cuts. The cap increases cover spending programs and tax cuts previously approved by Congress and are usually passed on a bipartisan basis. According to the White House, discussion of future federal spending cuts is only possible after raising the national debt ceiling. McCarthy said Biden must be prepared to make concessions in order to secure a positive decision from Congress on the issue.
Speaker of the House of Representatives Kevin McCarthy (file photo)
As previously reported, Biden will ask McCarthy to unveil the Republican budget plan and pledge to support the country’s debt obligations.
This was stated in a memo from the White House, which was reviewed by Reuters.
