McCarthy Meeting Biden Wednesday to Discuss Debt Ceiling

HUse the Speaker Kevin McCarthy reveals that President Obama and he are friends Joe Biden The government will meet on Wednesday to discuss how it will address the debt limit.

McCarthy’s announcement comes just days after the debt limit reached its maximum on Jan. 19. House Republicans have pledged to cut spending to address the problem. The debt ceiling This was “one of the first things” McCarthy talked with Biden during a conversation on CBS’s “Mad Men” Face the Nation.

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“I want to find a reasonable and a responsible way that we can lift the debt ceiling, but take control of this runaway spending,” McCarthy stated. “If you look at the last four years, the Democrats have increased spending by 30%, $400 billion. We’re at 120% of GDP. We haven’t been in this place to debt since World War II, so we can’t continue down this path.”

McCarthy assured that Medicare, Social Security and Social Security would not see any cuts from the House. “off the table.” California Republican wants to ensure that the United States spends its defense budget is protected. “look at every dollar no matter where it’s being spent.”

McCarthy didn’t respond directly when McCarthy was asked if Congress would support an extension to the debt limit for this year from June to Sept. McCarthy replied that he would. “rather sit down with the president” And “have those discussions.”

“The one thing I do know is, we cannot continue the waste that’s happening, to continue to spend more money and leverage the debt of the future of America,” McCarthy stated. “We’ve got to get to a balanced budget.”

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Biden’s administration wants to pressurize the House Republicans into raising the debt ceiling quickly. To address the debt limit, the House GOP wants to enact drastic spending cuts.

Janet Yellen is Treasury Secretary She stated that she believed this on Sunday “we would have recession in the United States” If Congress fails to raise the nation’s debt limit this summer, the situation will be declared “would be devastating.”