Speaker Kevin McCarthy (R-Calif.) on Tuesday said there was no movement from either side in debt limit negotiations as a crucial deadline on the matter looms following a White House meeting with President Biden and top congressional leaders.
“Everybody in this meeting reiterated the positions they were at. I didn’t see any new movement,” McCarthy told reporters after the roughly hour long sit-down in the Oval Office.
Biden convened a meeting with McCarthy, House Minority Leader Hakeem Jeffries (D-N.Y.), Senate Majority Leader Charles Schumer (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-Ky.) It comes just over a week after Treasury Secretary Janet Yellen told lawmakers that the U.S. will run out of mechanisms to pay trillions of dollars in debt on June 1.
McCarthy said the leaders will meet again on Friday.
McConnell told reporters after the meeting that the U.S. “is not going to default,” but said a solution must ultimately be agreed upon by Biden and McCarthy.
The Treasury Department has warned that the U.S. could breach the debt ceiling by early June, giving lawmakers a truncated timeframe to reach a deal to raise the debt ceiling and avoid a default.
Tuesday marked the first time Biden and McCarthy have sat down to discuss the debt ceiling since Feb. 1.
House Republicans last month passed legislation that would raise the debt ceiling while capping government funding hashed out by lawmakers annually as part of the appropriations process at fiscal 2022 levels, a move Democrats warn could amount to steep cuts to popular programs.
The measure would also limit spending growth to 1 percent annually over the next decade with a slew of other proposals aimed at curbing spending, including rolling back several Biden administration actions on student loans and beefing up work requirements for government assistance programs.
The White House has said Biden would veto the bill, which is also considered dead on arrival in the Democratic-controlled Senate.
Biden and White House officials have been adamant that Congress should raise the debt ceiling without conditions, pointing to decades of precedent under Democratic and Republican administrations.
Updated 5:44 p.m.
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