Biden and McCarthy disagree on the debt ceiling
US President Joe Biden met with US House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, House Majority Leader Senate Chuck Schumer and Senate Minority Leader Mitch McConnell to discuss the debt limit issue.
McCarthy, on the other hand, stressed that no progress was made after the meeting, saying: “I couldn’t see a new move.” Speaking to reporters, McCarthy said Biden did not agree to the talks until time was up, saying, “This is not how government is run.”
With less than a month to go before the US federal government hits the cash-strapped $31.4 trillion debt limit, President Biden discussed the debt limit issue with congressional leaders at the White House .
US House Speaker McCarthy, House Minority Leader Jeffries, Senate Majority Leader Schumer and Senate Minority Leader McConnell attended the meeting, which was closed to the press and lasted about an hour.
THEY WILL COME TOGETHER
President Biden, in the press conference held after the meeting, stated that they had a “productive” meeting on the debt limit.
Emphasizing that the United States did not and will not default, Biden said they agreed to continue talks and would meet again on Friday.
“I made it clear in the meeting that default is not an option,” Biden said. saying.
Stating that he is ready to discuss the budget with Congress, Biden said they can cut spending and reduce the deficit. Biden quoted McCarthy as proposing deep spending cuts that he believes will hurt American families.
Asked if he would cancel his visits to Japan and Australia as part of the G7 Leaders Summit and Quad Summit if the debt ceiling issue is not resolved, Biden said: “I’m still determined to (go), but Frankly, this is the most important item on the agenda.” she gave the answer.
‘I DID NOT SEE A NEW DEVELOPMENT’
Responding to questions from members of the press after the meeting, US House Speaker McCarthy claimed that everyone repeated his approach on the issue at the meeting, saying, “I didn’t see any new developments.” . he performed the assessment of it.
Noting that there is not one area where Biden is open to spending cuts, McCarthy recalled that Biden and congressional leaders will meet again on Friday.
Recalling that the House of Representatives passed the bill on raising the debt limit, McCarthy asserted that the Senate did not do this. McCarthy stressed that he believes that raising the debt limit in the short term will not be successful.
Senate Minority Leader Republican Mitch McConnell also stated that the United States has never and will never default.
Emphasizing that there must be an agreement on the debt limit, McConnell said: “The sooner the president and the speaker of the House can reach an agreement, the sooner we can solve the problem.” saying.
MCCARTHY REJECTED
Senate Majority Leader Chuck Schumer, a Democrat, said McCarthy refused to rule out the possibility of a default.
Noting that there were big differences between the parties, Schumer urged McCarthy to negotiate the proposed spending cuts through the regular budget process without the threat of default.
House Minority Leader Hakeem Jeffries noted that House Democrats have taken the possibility of default off the table.
DEBT LIMIT DIFFERENCE
In the US, the federal government has reached the $31.4 trillion debt limit that could lead to default.
The debt limit, or debt ceiling, means “the upper limit of the amount of money the US government can borrow to pay its debts.”
Republicans, who have a majority in the House of Representatives, favor major spending cuts in the debt limit negotiations. Democrats insist on raising the debt limit and reject Republican proposals to cut certain spending.
There is concern that the debt limit issue, which has become an impasse between Democrats and Republicans, will rock markets. As US recessionary expectations rise, the two-party standoff over the debt limit carries more risk than ever. (REUTERS, AA)