Debt Ceiling Issues Discussed by Biden, McCarthy on May 22 Meeting

U.S. President Joe Biden and House Speaker Kevin McCarthy were expected to meet last May 22 to discuss debt ceiling issues. In the meeting, the concerns on how to increase the debt ceiling before the U.S. defaults its own loans were to be negotiated.

On May 22, the U.S. President Joe Biden and House Speaker Kevin McCarthy were expected to meet to directly discuss how to increase the federal government’s debt ceiling days before the country will default on its loans.

According to an article in Reuters, Director Shalanda Young of the Office of Management and Budget and White House adviser Steve Ricchetti were also expected to visit the Capitol Hill. From there, they would apparently meet Republican Representatives Garret Graves and Patrick McHenry to make sure that Biden and McCarthy are prepared for the meeting.

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Negotiations on Debt Ceiling

An article in ABC News states that on May 21, McCarthy stated that prior to the meeting, he already had a conversation with Biden as he came back from an international summit in Hiroshima, Japan. Nonetheless, McCarthy refused to elaborate on how long the debt ceiling would be increased under their agreement. Furthermore, negotiations about the budget caps are said to be still ongoing to date.

Reportedly, the U.S. defaulting its own loans would definitely disrupt the national and international markets and risk a major financial damage. Because of this, the Republicans are proposing cuts in spending and changes in policy especially in government permits and assistance programs instead of increasing the country’s debt ceiling.

READ ALSO: Newsbreak: U.S. Debt Ceiling Hits Limit, Social Security Payments At Risk As Republicans Demand Drastic Spending Cuts