White House has said Biden will discuss issue after ceiling is lifted, while Republicans insist on cuts first
Kevin McCarthy speaks on the debt ceiling on Monday.Kevin McCarthy, the House speaker, called on Joe Biden to agree to compromises and spending cuts, as the two remain deadlocked over raising the nation’s $31.4tn debt ceiling.
The White House has said Biden will discuss federal spending cuts with Republicans, but only after the debt ceiling is lifted, while McCarthy has said Republicans will only lift the ceiling if Biden agrees to spending cuts. While the two sides disagree on the order of the subjects they are tackling, both say they will continue to talk.
“Defaulting on our debt is not an option, but neither is a future of higher taxes, higher interest rates and an economy that doesn’t work.” Biden on Tuesday is expected to insist that raising the debt limit is not negotiable and US lawmakers should not use it as a “bargaining chip”, his top economic adviser, Brian Deese, said on Monday.
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