Joe Biden And Kevin McCarthy To Meet Amid Showdown Over Debt Ceiling

debt ceiling
debt ceiling

US President Biden and lower house Speaker Kevin McCarthy are set to meet over high stakes even as the federal debt ceiling standoff continues. The US appears destined for a default though Republican leaders say that this was unlikely.

Hardliners within the GOP have refused to yield to a decision that would allow the US to repay its debts till the ruling Democratic Party agree to cut government spending. The President’s office has termed as non-negotiable the issue of raising the debt ceiling. It has cited the risk of default faced by the American economy if the debt ceiling is not raised.

Analysts say that an immediate solution appears unlikely through the forthcoming talks. The members are more likely to try to score brownie points even as the Treasury inches towards a situation of empty coffers.

Joe Biden To Directly Talk To McCarthy About Debt Ceiling

A White House spokesperson said that Joe Biden was expected to directly ask the House majority leader if he was willing to move forward to prevent a national default and meet his obligation towards the Constitution. Joe Biden is expected to stress that America’s economic security was non-negotiable and could not be held for ransom to thrust unpopular cuts affecting working families.

The Republicans have contended that the party will not allow a default of the economy. McCarthy has assured that Medicare and Social Security, two contentious issues between the GOP and the Democrats,  would not be included as part of the negotiation.

But McCarthy was also quick to add that the GOP would go for changes in the expensive health and retirement benefits for seniors. The White House has called that statement by McCarthy a synonym for cuts. Speaking on CBS’ Face The Nation, McCarthy said that he was to have a responsible and reasonable way to both lift the debt ceiling and arrest the runaway spending.