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Biden and McCarthy fail to agree on the US debt ceiling

Biden and McCarthy fail to agree on the US debt ceiling

Despite the “fruitful” meeting at the White House on Monday (May 22), no consensus was reached

The President of the United States, Joe Biden, and the Speaker of the House, Kevin McCarthy, met on Monday evening (May 22, 2023) at the White House to discuss the US debt ceiling. The meeting was aimed at opening negotiations and resolving the debt ceiling impasse, amid demands from the Republican opposition for more spending cuts. information from New York times.

The meeting came after the negotiators clashed on Friday (May 19, 2023) and the Republicans announced that the negotiations had stopped. After that, McCarthy asked Biden for another face-to-face meeting.

In the Oval Office of the White House, Biden warned on Monday (May 22) that if the United States does not pay its debt, “The American people will get a real boost from their economic well-being.”. The US president said that he and McCarthy believe the deficit should be reduced. “We need to cut spending.”

“unresolved issues”

At the meeting, the mayor stressed that there are issues that still need to be resolved, referring to Biden’s efforts to raise taxes in an effort to reduce the federal budget deficit. McCarthy also said he was against raising the short-term debt ceiling.

The US President and McCarthy added that, despite the differences, they are optimistic that both sides can do so “compromise”.

“In the end, we can find common ground, make our economy stronger, take care of this debt, but most importantly, get this government moving again to reduce inflation,” McCarthy said.

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Outside the White House, McCarthy said the two had a meeting “productive” And that it was the best thing that happened since the debt ceiling negotiations began, but no agreement was finalised.

The two sides remain at odds over spending limits. Republicans want to allow military costs to rise while cutting other programs. The White House has proposed keeping military and other spending – which includes education, scientific research and environmental protection – steady over the next two years.

“While there are areas of contention, the President and I and our lead negotiators, Chairman McHenry and Congressman Graves, and our teams will continue to discuss the way forward.”Biden said advertisement After the meeting.

In early May, Treasury Secretary Janet Yellen said it was “very likely” that the Treasury would not be able to pay all government liabilities by early June if the debt ceiling was not raised. The United States is at risk of defaulting for the first time in history if no agreement is reached within 10 days.