After a pleasant phone discussion on Sunday, as the president flew back to Washington, President Joe Biden and House Republican Speaker Kevin McCarthy will address the debt ceiling on Monday.
After the call, McCarthy told reporters at the U.S. Capitol that staff-level talks would resume later Sunday.
McCarthy stated, “Our teams are discussing today and we’re planning (sic) to have a meeting tomorrow. It’s improved. So yes.”
A White House spokesman confirmed Monday’s meeting but gave no time.
After returning from Japan late Sunday night, Biden claimed the McCarthy call went well. Biden claimed it went well. “We’ll talk tomorrow.”
On Sunday evening, both parties’ staffs met at McCarthy’s Capitol office for two-and-a-half hours.
After the discussion, senior White House advisor Steve Ricchetti told reporters, “We’ll keep working tonight.”
Democratic President Biden’s proposed 2024 budget and Republicans’ ‘Limit, Save, Grow’ Act will generate budget savings over a decade, but how they will do so is starkly different.
Before leaving Japan after the G7 conference on Sunday, Biden said he would cut spending and adjust taxes to reach an agreement, but Republicans’ latest offer was “unacceptable.”
On Sunday, U.S. Treasury Secretary Janet Yellen reiterated that the federal government may be unable to pay all its debts by June 1. A default would disrupt financial markets and raise interest rates if the debt ceiling is not raised.
McCarthy’s Sunday statements were more constructive than the recent heated rhetoric, as both sides called the other’s viewpoint radical, and talks stagnated.
“Much of what they’ve already proposed is simply, quite frankly, unacceptable,” Biden told a Hiroshima news conference. Republicans must realize that there is no bipartisan deal on their terms. They must move.”
Trump tweeted that he would not accept a deal that protected “Big Oil” subsidies and “wealthy tax cheats” while jeopardizing healthcare and food assistance for millions of Americans.
He also stated that some Republican politicians wanted the U.S. to default on its debt so Biden, a Democrat, would lose re-election in 2024.
After Sunday’s call, McCarthy stated, “There’s no agreement. We’re apart.”
“What I’m looking at are where our differences are and how could we solve those, and I felt that part was productive,” he told reporters.
As politicians’ spending and tax cuts require annual increases in the government’s self-imposed borrowing limit, markets are worried about default.
In a debt offer on Friday, the U.S. paid record-high interest rates.
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