House Speaker Kevin McCarthy, a Republican from California, pushed Democrats to work on an agreement that would reduce spending while still raising the debt ceiling.
McCarthy stated, “I would like to meet with all of the leaders, but especially the president, and begin having conversations.”
Janet Yellen, the Secretary of the Treasury, predicted that the debt limit will come dangerously close to being reached this week. Despite this, Yellen stated that she would take “exceptional steps” to push back the deadline until June.
McCarthy pushed for the beginning of discussions to take place before the federal government drew too close to the deadline in June.
The leader of the House questioned those in attendance, asking, “Who wants to put the country through some type of threat at the very last minute with a fight over the debt ceiling? That is something no one wants.”
Joe Biden, the Vice President of the United States, referred to Republicans as “financially deranged,” and the White House has stated that they have no intentions to negotiate on the debt ceiling. Instead, they have urged Congress to lift the debt ceiling without making any concessions to spending.
“As President Joe Biden has stated, Congress must address the debt ceiling without restrictions,” White House media secretary Karine Jean-Pierre said at a press briefing this week.
She went on to say that “Republicans are threatening to hold the country’s full confidence and credit, a mandate of our Constitution, hostage until their demands to cut Medicare, to slash Social Security, and to cut Medicaid are met,” which is “brinksmanship that undermines the global economy.”
McCarthy urged lawmakers to “establish a budget, set a path to a more balanced budget, and start paying down this debt.”
According to Speaker McCarthy, a hypothetical compromise to raise the debt ceiling might result in reforms to entitlement programs like Social Security and Medicare, as well as expenditure on discretionary items.
“Let’s put our house in order in terms of how we’re going to spend,” McCarthy stated. “Let’s sit down and work together to safeguard Social Security and Medicare for the future generations.”
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