McCarthy to meet Biden over 'reasonable and a responsible way that we can lift the debt ceiling'The two will discuss the US debt ceiling.House speaker Kevin McCarthy said he would meet on Wednesday with Joe Biden to discuss avoiding a US debt default, but warned the president must rethink his refusal to consider spending cuts in exchange for raising the borrowing limit.
The raising of the national debt limit - which allows the government to pay for spending already incurred - is often routine. Biden says the matter is non-negotiable, accusing the Republicans of taking"the economy hostage" in order to push a purely political debate on government spending. Raising the debt ceiling"is an obligation of this country and its leaders to avoid economic chaos", White House spokesperson Karine Jean-Pierre said recently. She added:A US debt default could trigger a global financial crisis, sending borrowing costs up and undermining the role of the dollar as an international reserve currency, Treasury Secretary Janet Yellen has warned.