• Tue. Mar 21st, 2023

Biden, McCarthy To Meet Over Debt Crisis, Spending Cuts

ByShivdeep Dhaliwal

Jan 30, 2023
Biden, McCarthy To Meet Over Debt Crisis, Spending Cuts

President Joe Biden will meet House Speaker Kevin McCarthy at the White House on Wednesday to resolve the imbroglio over the debt ceiling and spending cuts.

What Happened: Biden will ask McCarthy whether he “intends to meet his Constitutional obligation to prevent a national default, as every other House and Senate leader in U.S. history has done,” said a White House spokesperson, reported Reuters.

“I know the president said he didn’t want to have any discussions,” said McCarthy, reported Reuters, citing CBS’ “Face The Nation” program.

“I want to find a reasonable and a responsible way that we can lift the debt ceiling (and) take control of this runaway spending.”

Why it Matters: McCarthy said, “there will not be a default.” However, the House Speaker  labeled the current actions of the Democrats as “irresponsible.”

Earlier this month, Treasury Secretary Janet Yellen activated an extraordinary cash management measure to ward off a breach of the federal debt limit.

McCarthy reportedly did not provide details on specific demands but ruled out a rise in the retirement age for Social Security and Medicare benefits. He is looking at discretionary spending and said he would examine defense spending to cut down on waste, according to Reuters.

On a short-term extension of the debt limit until September, McCarthy said he’d “rather sit down with the president and let’s have those discussions,” according to the report.

Read Next: Larry Summers Says It Would Be ‘Catastrophic’ For US To Default On Debt: ‘God, I Wish We Could Move Past This’

Image and article originally from www.benzinga.com. Read the original article here.