House Speaker Kevin McCarthy (R-Calif.) said that he will meet with President Biden on Wednesday and is looking for a deal to raise the debt ceiling in exchange for unspecified cuts to the federal budget.
“I want to find a reasonable and responsible way that we can lift the debt ceiling but take control of this runaway spending,” McCarthy said during an interview Sunday on CBS’s “Face the Nation.”
The comment comes amid a protracted and increasingly public fight between the newly elevated Republican House speaker, the White House and Democrats But the White House statement signaled that the two men were not close to reaching a deal. Biden “will ask what the Speaker’s plan is,” according to the statement, which added that the first bill passed by the Republican House, to eliminate funding for hiring new employees at the Internal Revenue Service, would add to the nation’s deficit. Biden will also ask McCarthy “if he intends to meet his Constitutional obligation to prevent a national default,” according to the statement.
“Look,” McCarthy said Sunday, “we’re not going to default.” Before the borrowing limit is reached in June, McCarthy said, “the responsible thing to do is sit down like two adults and start having that discussion.”McCarthy did not offer specifics about where he thought cuts should be made, other than to reference “waste” in government and say that reductions in defense spending should be considered.
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