House Speaker Kevin McCarthy says he wants a 'reasonable' debt ceiling deal and that he will meet with Biden on Wednesday
on the amount of debt it can issue to fulfill its obligations earlier this month, forcing the Treasury Department to begin taking"extraordinary measures" to allow the nation to avoid a catastrophic default until roughly June.
Some conservative Republicans are pushing for reductions to mandatory spending, which includes funding for entitlement programs like Social Security and Medicare. McCarthy told"Face the Nation" that cuts to Social Security and Medicare are"totally off the table," and noted that House Republicans' agenda includes calls to strengthen the programs.
Complicating the path forward for McCarthy is Republicans' narrow majority in the House, where he can afford only four defections for legislation to pass without relying on Democratic support. It's unclear what kind of legislation addressing the debt limit would win enough GOP support to clear the lower chamber, and also pass the Democratic-led Senate and win Mr. Biden's support.
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