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Biden, McCarthy meet on US debt ceiling, cite disagreements

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WASHINGTON: US President Joe Biden and House Speaker Kevin McCarthy met in the White House on Monday (May 22) about raising the US government's US$31.4 trillion debt ceiling, with the US economy at risk of crashing if no deal is reached in 10 days. The Democratic president and the top congressional Republi

WASHINGTON: US President Joe Biden and House Speaker Kevin McCarthy met in the White House on Monday about raising the US government's US$31.4 trillion debt ceiling, with the US economy at risk of crashing if no deal is reached in 10 days.struggled to make progress on a deal

Biden said he was"optimistic" they could make some progress. Both sides need a bipartisan agreement to"sell it" to their constituencies, he said, adding there may still be some disagreements. Any deal to raise the limit must pass both chambers of Congress, and therefore hinges on bipartisan support. McCarthy's Republicans control the House 222-213, while Biden's Democrats hold the Senate 51-49.

Democrats want to hold spending steady at this year's levels, while Republicans want to return to 2022 levels. A plan passed by the House last month would cut a wide swath of government spending by 8 per cent next year.

 

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