Biden to contact McCarthy during G7 as debt limit talks stall.

President Biden and House Speaker McCarthy to Speak Amid Debt Limit Stalemate

The White House announced on Saturday that President Joe Biden and House Speaker Kevin McCarthy (R-CA) will speak by phone on Sunday morning to discuss the ongoing stalemate in debt limit negotiations. McCarthy paused negotiations with the White House on Saturday, stating that talks will only continue once Biden returns from the G7 summit. The House speaker accused Biden’s negotiators of moving “backwards,” while the White House called the GOP team’s latest offer a “big step back” that would not reasonably pass the Senate.

White House Continues to Work Hard as Debt Limit Negotiations Break Down

A White House statement released on Saturday evening stated that “President Biden has continued to closely track negotiations on a bipartisan budget framework and the pressing need for Congress to act to avert default.” The president is currently attending the Group of Seven meeting in Japan, where he canceled planned visits to Australia and Papua New Guinea to address the debt ceiling matter. Economists have warned that a default would wreak havoc on the economy, and Treasury Secretary Janet Yellen says the United States will be unable to pay its bills by June 1.

Significant Distraction During the Summit

Biden and top administration officials have expressed confidence that negotiators will be able to hash out a deal to avert a debt default, but the issue has been a significant distraction during the summit. National Security Adviser Jake Sullivan admitted on Saturday that the debt ceiling negotiations in Washington are “definitely a subject of interest” at the G7.

Debt Ceiling Negotiations Continue

McCarthy was able to hold enough of the House Republican Conference together to pass his debt ceiling budget proposal late last month. Backed up by Senate Democrats, Biden stood firm in his refusal to negotiate over the debt limit for months. Negotiations have picked up in recent weeks as the deadline approaches, but both sides continue to argue over spending caps that Democrats call too severe and Republicans argue don’t go far enough.

• Biden and McCarthy to speak by phone on Sunday morning
• Debt limit negotiations at a stalemate
• White House continues to work hard to avert default
• Debt ceiling negotiations a significant distraction during G7 summit
• Both sides continue to argue over spending caps

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