The president remained hopeful that an agreement could be reached with Republicans to avoid what would be an unprecedented debt default, which could trigger a financial catastrophe.
“I remain optimistic because I’m a congenital optimist,” Biden told reporters Sunday while out for a bike ride in Rehoboth Beach, Delaware. “But I really think there’s a desire on their part as well as ours to reach an agreement. I think we’ll be able to do it.”
Republicans led by McCarthy want Biden to accept their proposal to rollback spending, cap future outlays and other policy changes in the package passed last month by House Republicans. “I voted for tougher aid programs that’s in the law now, but for Medicaid it’s a different story,” he said. “And so I’m waiting to hear what their exact proposal is.”
“The staff is very engaged. I would characterize the engagement as serious, as constructive,” Lael Brainard, head of the White House’s National Economic Council, said on CBS’ “Face the Nation.” The Treasury Department has said the government could exhaust the ability to pay its bills as early as June 1. The nonpartisan Congressional Budget Office gave a similar warning Friday, saying there was a “significant risk” of default sometime in the first two weeks of next month.
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