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Biden and McCarthy will resume talks on Monday as the default deadline expires

House Speaker Kevin McCarthy and President Biden will meet Monday to resume talks on how to avoid it. Catastrophic loan defaults as Expires June 1.

McCarthy said on Sunday that he had a “productive” call with Mr Biden as the president returned from the G-7 summit in Japan. McCarthy told reporters that ahead of Monday’s meeting with Mr. Biden, he hoped Sunday’s negotiating teams could “walk the talk” of their exact positions so they could explain them to Mr. Biden accordingly.

Earlier on Sunday, Mr Biden said at the G-7 summit that Republican leaders needed to “move their extreme positions” to achieve bipartisan consensus and characterized previous proposals as “unacceptable”.

Representatives from the White House and the Speaker’s Office Meet the short Friday after the stall before day, but negotiations broke down and both sides walked away without an agreement. On Saturday, McCarthy tweeted that the White House was “backtracking on the talks,” while White House Press Secretary Karin Jean-Pierre said the submission McCarthy’s team made was “a major step back and contains a set of extremely partisan demands that will never pass.” Both Houses of Congress.”

Mr. Biden cut several stops from the trip Treasury Secretary Janet Yellen has warned that the U.S. could continue to negotiate with congressional leaders Unable to pay his bills and in default On his loan as soon as June 1.

Congressional debt limit

Speaker Kevin McCarthy, R-Calif., leaves his office to speak with members of the press after participating in a phone call with President Joe Biden on the debt ceiling, Sunday, May 21, 2023, on Capitol Hill in Washington. Rep. walking behind McCarthy. Garrett Graves, R-La., is McCarthy’s top negotiator in debt ceiling negotiations

Patrick Semansky/AP

“I think we can address some of these issues if he understands what we’re looking at, but I’ve been very clear with him from the beginning,” McCarthy said Sunday. “We have to spend less money than last year.”

McCarthy did not elaborate further on the outcome of his talks with Mr Biden, saying “nothing was agreed upon.” The White House issued a brief readout of the call, confirming a meeting between Mr McCarthy and Mr Biden on Monday and saying their staff would meet at 6pm on Sunday.

Before departing from Hiroshima, Japan, Mr. Biden said he had “done my part” in negotiations with Republicans and added “it’s time for the other side to move on from their extreme positions because most of what they’ve already proposed is simply, quite. Frankly, unacceptable.” .”

Republicans want to increase the nation’s borrowing authority in exchange for spending cuts, while Democrats, including Mr. Biden, want to raise the debt ceiling without conditions. Mr. Biden insists that raising or suspending the debt ceiling is up to Congress, while Republicans say Mr. Biden and Democrats on Capitol Hill must compromise on spending.

Sunday at the ‘Face the Nation’ event, Democratic Rep. Josh Gottheimer of New Jersey said that “we cannot continue to play chicken with the full faith and credit of the United States.” His Republican colleague, Rep. Brian Fitzpatrick of Pennsylvania said he believes the June 1 deadline may not be so strict.

“We should estimate the date as June 1, but I think the math tells us there’s a little bit of wiggle room,” Fitzpatrick said. Still, he points out that the open deadline in and of itself isn’t the only reason for Congress’ swift action The 2011 debt ceiling crisis and its impact on the US economy.

Alice Kim and Emily Mae Checker contributed to this report.

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