Negotiations between U.S. President Joe Biden and Republican House Speaker Kevin McCarthy regarding the U.S. debt ceiling wrapped up on Tuesday following a meeting that lasted less than an hour at the White House. After the meeting, Biden stated that he and Democratic leaders held a "good and productive meeting with Republican leaders in Congress" about raising the debt ceiling, but "there is still work to be done," emphasizing that "defaulting on the debt is not an option." He expressed confidence that negotiators would continue to make progress in avoiding default, while also expressing disappointment that "Republicans refuse to raise revenue," stating that "Republicans are unwilling to discuss tax increases."
For his part, McCarthy spoke optimistically and unexpectedly, saying, "It’s possible to reach an agreement by the end of the week." He added, "Biden is seeking to reach an agreement on the debt ceiling by June 1 to avoid the risk of an economic disaster." McCarthy told reporters, "We have a lot of work to do in a short amount of time," noting that "the session paved the way for future talks," and pointed out that "we can raise the debt ceiling if we set limits on what we will spend in the future." Biden met with McCarthy at the White House, alongside Senate Majority Leader Chuck Schumer, House Democratic Leader Hakeem Jeffries, and Senate Republican Leader Mitch McConnell.
