Debt Ceiling: Biden, McCarthy to Meet Monday as Negotiators ‘Keep Working' to Resolve Standoff

“We’re looking at, how do we have a victory for this country?" McCarthy said. He said he did not think the final legislation would remake the federal budget and the country's debt, but at least “put us on a path to change the behavior of this runaway spending.”

Biden had been scheduled to travel from Hiroshima to Papua New Guinea and Australia, but cut short his trip in light of the strained negotiations with Capitol Hill. A compromise on those topline spending levels would enable McCarthy to deliver for conservatives, while not being so severe that it would chase off the Democratic votes that would be needed in the divided Congress to pass any bill.

The White House has countered by keeping defense and nondefense spending flat next year, which would save $90 billion in the 2024 budget year and $1 trillion over 10 years. Republicans had also rejected various White House revenue proposals. Among the proposals the GOP objects to are policies that would enable Medicare to pay less for prescription drugs. Republicans also have refused to roll back Trump-era tax breaks on corporations and wealthy households as Biden’s own budget has proposed.

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