Kevin McCarthy Expresses Optimism Over Debt Ceiling Discussions with Biden

House Speaker Kevin McCarthy on Sunday said that he is optimistic about future discussions with United States President Joe Biden set on Wednesday regarding the country's debt ceiling.

The Republican lawmaker said that he believes he will come to an agreement with the Democratic leader despite the latter's hesitance to negotiate with the GOP regarding the issue. During an interview, the House speaker said that Biden's staff tried to say something different, but argued that the president is willing to strike a deal.

Discussions on Debt Ceiling

Previously, President Biden confirmed that he planned to meet with McCarthy to discuss raising the country's borrowing limit in an attempt to pay back money that has already been spent. On the other hand, the latter took the opportunity to try and force the U.S. government to cut spending, arguing that the US needs to both lift the debt ceiling and "take control of this runaway spending."

The Biden administration argued that Congress has the responsibility to pass an increase in the debt limit without having any conditions. It added that Congress conducted such actions three times during former President Donald Trump's administration, as per Politico.

McCarthy, when asked about White House concerns that some GOP members are seeking cuts to Social Security and Medicare, said that they wanted to take those ones off the table. On the other hand, the Republican lawmaker said that plans to cut defense spending were still in play.

The House speaker said that the GOP wanted to look at every dollar that was being spent no matter where it was going. McCarthy added that he wanted to eliminate waste wherever it could be found.

The Republican also insisted that the US would not default on its debt, which would be an unprecedented potential consequence if the debt ceiling is not raised. The possible situation could cause widespread damage to the country's credit and the global economy.

Preventing a Default

During the interview, McCarthy noted that despite Biden's previous hesitancy to negotiate regarding the issue, it was important that the U.S. government finds a compromise on the issue. He said that he wanted to sit down with the president to work out an agreement that can help the country move forward, according to Yahoo News.

On Sunday, the White House confirmed the planned Wednesday meeting between Biden and McCarthy to discuss a "range of issues." The statement noted that the president was looking forward to "strengthening his working relationship" with the House speaker and asked about the latter's plan regarding spending.

However, Biden administration officials have criticized the GOP's elimination of funding for hiring new employees at the Internal Revenue Service (IRS), saying it would only add to the deficit. On Thursday, the president was in Virginia where he spoke about the country's economic gains.

He said that they would be at risk due to Republican lawmakers' opposition to raising the country's debt ceiling. Biden added that he would veto anything that the GOP sends his way to maintain the progress that the country has made, said the Washington Post.