House Speaker Kevin McCarthy said he will meet with President Joe Biden on Wednesday to discuss the debt ceiling and potential spending cuts.
McCarthy told CBS’ Face the Nation that the meeting will involve a “reasonable and responsible” way to both lift the debt ceiling to avert a U.S. default and also cut spending.
After the U.S. Treasury announced the government reached its borrowing limit, discussions in Congress have intensified surrounding raising the debt ceiling to avoid an economic crisis if the U.S. defaults on its debts.
McCarthy and House Republicans are hoping to leverage the need to raise the debt ceiling in order to negotiate concessions from Democrats on spending cuts.
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