"President Biden made clear that, as every other leader in both parties in Congress has affirmed, it is their shared duty not to allow an unprecedented and economically catastrophic default," the White House said on Wednesday.
Biden and McCarthy met at the White House to discuss Congress raising the debt ceiling before the United States risks defaulting on its financial obligations in June. The two officials presented their differing perspectives and hope to make progress on the issue in the coming months, McCarthy said following the meeting.
McCarthy said he will negotiate with Biden to address the country’s high spending-to-revenue ratio and debt, which the speaker characterized as the biggest threat to the United States.
Biden welcomes a separate discussion with congressional leaders about how to reduce the deficit and control the national debt while continuing to grow the US economy, the White House said. Biden and McCarthy agreed to continue their talks, the White House added.