"President Biden: I accept your invitation to sit down and discuss a responsible debt ceiling increase to address irresponsible government spending," McCarthy said via Twitter on Friday.
On Thursday, the Treasury Department said it started taking extraordinary measures to avoid a government debt default by temporarily suspending payments not immediately needed for essential programs or to keep the government running.
Last week, Treasury Secretary Janet Yellen warned the United States will soon reach its outstanding debt limit. The US national debt stands at approximately $31.46 trillion, according to Treasury Department data.
On Friday, Yellen warned the United States risks sparking a recession or global financial crisis if Congress does not soon address the debt limit. The United States will automatically default on its payments if Congress fails to raise the limit and would also obstruct basic US government functions.
Biden will meet with McCarthy as part of a series of talks with new congressional leaders, the White House said in a statement on Friday. Biden and McCarthy will debate two different visions for the United States, which the president is happy to do, the White House said in a statement.
"Like the President has said many times, raising the debt ceiling is not a negotiation; it is an obligation of this country and its leaders to avoid economic chaos. Congress has always done it, and the President expects them to do their duty once again," the White House statement said.
Biden and McCarthy will also discuss Republicans’ plan to cut Social Security and other government programs, as well as impose a 30% national sales tax, the statement added.
Biden will also tell McCarthy about his own plan to cut the deficit while strengthening retirement programs by taxing big corporations, according to the statement.