Home Politics Biden and McCarthy are Set to Resume Negotiations On Debt Ceiling Limit

Biden and McCarthy are Set to Resume Negotiations On Debt Ceiling Limit

Joe Biden and Kevin McCarthy

On Monday, US President Joe Biden and House Republican Speaker Kevin McCarthy will meet again to resume talks on the debt ceiling limit. 

What is the Complete News?

After having a productive call, Biden and McCarthy are set to meet again to discuss the debt ceiling on Monday. During an interview with the US Capitol, McCarthy made a statement that there were positive discussions on solving the crisis. 

After having some words with the President, McCarthy said we’re setting to have a meeting, and that’s better than it was earlier. On Sunday evening, the staff members of both sides gathered at McCarthy’s office for a meeting. 

It lasted about two and a half hours. Before leaving the G7 summit in Hiroshima, President Biden said he wanted to cut spending together with tax adjustments to reach a deal as the latest offer from Republicans was unacceptable. 

US Treasury Secretary Janet Yellen reaffirmed a deadline on Sunday as the Treasury Department has a warning that the federal government can’t pay all its debts. But there was a failure in lifting the debt ceiling. 

As a result, it would cause chaos in financial markets and increase interest rates. Despite the increasingly heated rhetoric, McCarthy recently made a positive comment saying both sides reverted to calling the other’s position extremist. 

No Bipartisan Deal

During a press conference in Hiroshima, Biden said that what they’ve proposed is simple and quite frankly unacceptable. He added now Republicans have to accept there is no bipartisan deal to be made on their partisan terms.

Biden also said he would not agree to a deal that protects wealthy tax cheats and Oil subsidies while putting food and health care assistance for millions of Americans at risk. According to the Republican lawmakers, there is a US default on its debt that would result in preventing Biden from winning re-election in 2024. 

However, before the two leaders met, there was still no final deal. But there was an understanding on both sides to get negotiators back together, McCarthy said. He added what we are looking for is our differences and how we could resolve them.

On the other hand, default is weighing on the market as an increase in self-imposed borrowing limit is required to cover the costs of spending cuts. 

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