The President of the Chamber of Deputies of U.SKevin McCarthy, said this Sunday that he will meet with the US president, Joe Bidenon Wednesday to discuss raising the ceiling on federal debtadding that Republicans will not allow a US default.
“I know the president said he didn’t want to have any discussions. But I think it’s very important that all of our government find a compromise,” McCarthy told CBS’ “Face the Nation.”
“I want to find a reasonable and responsible way to raise the debt ceiling (and) take control of this runaway spending,” added McCarthy.
The US Treasury this month activated extraordinary cash management measures to avoid breaching the $31.4 trillion limit on federal debt imposed by Congress. But without an increase in that ceiling by early June, the Treasury said it could run out of cash to pay government bills, in the biggest threat of default since the 2011 debt ceiling impasse.
“There will be no defaults,” McCarthy said. “What is really irresponsible is what the Democrats are doing now, saying we just need to raise the cap.”
A White House spokesman declined to comment, but a White House official familiar with plans for the meeting confirmed Wednesday’s schedule. biden previously promised to discuss the debt with McCarthy, but the White House has said it will not negotiate raising the debt ceiling.
government officials biden framed the planned meeting with McCarthy as an opportunity to develop the “working relationship” of the two leaders.
McCarthy and other Republicans in the House and Senate have said they will not support an increase in the debt ceiling without budget cuts or spending reforms.
McCarthy did not provide details on specific demands, but he ruled out immediate cuts to Social Security and Medicare, the retirement programs and health care for seniors, as part of any negotiations. But she said she wanted to “bolster” the programs with bidenwithout giving details.
Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
