The Speaker of the House of Representatives after his meeting with Joe Biden.
(Photo: AP)
The most recent top meeting in the dispute over raising the US debt ceiling ended on Monday without a result, according to the Republican Speaker of the House of Representatives, Kevin McCarthy. “We had a productive conversation. We haven’t reached an agreement yet,” McCarthy said at a news conference after an hour-long meeting with Biden in the Oval Office.
Staffers from both sides would continue the talks with the aim of finding common ground. After the meeting, McCarthy expressed confidence that an agreement could be reached. Biden and he would now speak every day until an agreement was on the table. “I think we can still do it.”
Before the meeting, Biden said he was “optimistic” there would be progress. According to Treasury Secretary Janet Yellen, if the dispute between the Republicans in Congress and the government does not reach an agreement soon, the USA could reach its debt ceiling of around 31 trillion dollars at the moment on June 1st. As a result, the USA could become insolvent. This has never happened in the history of the country.
The debate is about raising the federal debt ceiling from the current $31.4 trillion. For this step, Biden’s Democrats need the support of the Republicans, who hold the majority in the House of Representatives under McCarthy. However, for approval, these are demanding, among other things, spending cuts and an increase in defense spending. Both sides are also confronted with hardliners in their ranks, some of whom are making more far-reaching demands. Congressional and presidential elections will be held next year. The entire House of Representatives and a third of the Senate will be reelected.
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