Biden and McCarthy to meet on Monday as debt ceiling talks resume

on Monday , after a"productive" phone call as the president headed back to Washington, the two sides said on Sunday.

Biden, before leaving Japan following the G7 summit earlier on Sunday, said he would be willing to cut spending together with tax adjustments to reach a deal but the latest offer from Republicans ceiling was"unacceptable".Jun 1, when the Treasury Department has warned that the federal government could be unable to pay all its debts

The president later tweeted that he would not agree to a deal that protected"Big Oil" subsidies and"wealthy tax cheats" while putting healthcare and food assistance at risk for millions of Americans. Meanwhile, concerns about default are weighing on markets as an increase in the government's self-imposed borrowing limit is needed regularly to cover costs of spending and tax cuts previously approved by lawmakers.Related:SPENDING CUTS

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