Kevin McCarthy will meet with Biden on Wednesday to discuss the debt ceiling

HSpeaker Kevin McCarthy has revealed that he and President Joe Biden will meet on Wednesday to discuss how the government will approach the debt ceiling limit.

McCarthy’s announcement comes after the debt ceiling reached its limit on Jan. 19, and House Republicans aim to cut spending to address the situation. The debt ceiling was “one of the first things” McCarthy discussed with Biden when the president congratulated him on becoming speaker, McCarthy said during an appearance on CBS’ Face the Nation.

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“I want to find a reasonable and responsible way to raise the debt ceiling, but take control of this runaway spending,” McCarthy said. “If you look at the last four years, the Democrats have increased spending by 30%, $400 billion. We’re at 120% of GDP. We haven’t been in this place of debt since World War II, so that we can” Let’s not continue down this path”.

McCarthy assured that Medicare and Social Security would not see any House cuts, saying both are “off the table.” The California Republican also wants to make sure U.S. defense spending is protected, but also wants to “look at every dollar no matter where it’s spent.”

When asked if Congress would support an extension of the debt limit from June to September of this year, McCarthy did not answer directly. Instead, McCarthy said he would “prefer to sit down with the president” and “have those discussions.”

“The only thing I know is that we can’t continue with the waste that’s going on, to continue to spend more money and take the debt out of America’s future,” McCarthy said. “We have to reach a balanced budget.”

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The Biden administration is trying to pressure House Republicans to raise the debt ceiling as soon as possible. The House GOP, however, is trying to enact sharp spending cuts to address the debt ceiling.

Treasury Secretary Janet Yellen said Sunday that she believes “we’re going to have a recession in the United States” if Congress doesn’t raise the nation’s debt ceiling this summer, saying the situation “would be devastating.”

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