February 1, 2023
The President met with House Speaker Kevin McCarthy for the first time since McCarthy won the gavel. The Speaker said he had hoped to make a deal with the President over the looming debt ceiling crisis. McCarthy says he’s willing to raise the debt ceiling in exchange for federal spending cuts. The President has said repeatedly that he will not negotiate when it comes to the debt ceiling. He said he’s willing to talk about spending cuts but not in connection with the debt ceiling. President Biden said the Republicans can not hold the debt ceiling “hostage.”
At the end of the meeting McCarthy projected optimism that the meeting was a good “first step.” He said he’s confident the two men could come to an acceptable agreement “long before” the June debt default. The White House did not share the same positive perspective.
