President Biden, House Speaker McCarthy to meet at White House over debt ceiling

President Joe Biden and House Speaker Kevin McCarthy are set to meet at the White House at a pivotal moment as Washington works to strike a budget compromise and raise the nation's borrowing limit in time to avert a devastating federal default.

McCarthy, R-Calif., told reporters earlier Sunday that the call with Biden was "productive" and that the on-again, off-again negotiations between his staff and White House representatives are focused on spending cuts.The contours of an agreement appear within reach, and the negotiations have narrowed on a 2024 budget year cap that would be key to resolving the standoff.

McCarthy emerged from that conversation sounding optimistic and was careful not to criticize Biden's trip, as he had before. He did caution, "There's no agreement on anything." Republicans want to roll back next year's spending to 2022 levels, but the White House has proposed keeping 2024 the same as it is now, in the 2023 budget year. Republicans initially sought to impose spending caps for 10 years, though the latest proposal narrowed that to about six. The White House wants a two-year budget deal.

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.

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Debt Ceiling: Biden, McCarthy to Meet Monday as Negotiators ‘Keep Working' to Resolve StandoffAnother round of debt talks has wrapped up at the U.S. Capitol. White House and House Republican staff met for 2 1/2 hours Sunday evening. President Joe Biden and House Speaker Kevin McCarthy plan to meet in person Monday in search of a deal to avert an economy-wrecking federal default. The Republican leader is expressing cautious optimism about a possible debt ceiling compromise as Washington races to raise America’s borrowing limit before the funds could be depleted early next month. The leaders spoke by phone Sunday while president was returning home on Air Force One from Japan. McCarthy told reporters at the Capitol that the call was “productive.”
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