Speaker Kevin McCarthy (R-CA) said his meeting with President Joe Biden on the debt ceiling was more productive than the others, but they still have differences and weren’t able to come to an agreement.
The negotiating teams are going to “work through the night,” McCarthy said, now that he and Biden discussed some of their differences. McCarthy wouldn’t say whether or not he was confident a deal on the debt limit could happen by the end of this week.
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“I believe we’re gonna let the teams work tonight, see if we can find good progress,” McCarthy said.
Rep. Patrick McHenry (R-NC) said he sensed a lack of urgency from the White House to come to an agreement before the default deadline of June 1.
“I had an expectation, personally, of walking into the room and hearing the president and the speaker being aligned that we need to come to terms quickly,” McHenry said. “I just didn’t sense that from the president. I’ve heard that from the speaker since Feb. 1.”
McCarthy’s comments were the same as they have been the past four days, as very little progress has been made on the debt ceiling talks. He continued to emphasize that the country must spend less next year than it did in fiscal 2023, something Biden and his team don’t want. On the contrary, the White House has offered a spending freeze at fiscal 2023 levels, but McCarthy said his conference wouldn’t accept that.
Two other main points of negotiation are work requirements for welfare services and permitting reform, something the parties are still working out.
“I don’t think it’s right to take a hardworking taxpayer and go borrow from China to pay an able-bodied person with no dependents to sit on the couch,” McCarthy said.
But many Democrats don’t want to see any work requirements included in the bill.
Rep. Alexandria Ocasio Cortez (D-NY) said she “believes” she would be a no on any bill that raises the debt ceiling but also includes work requirements.
“I can say that on the issue of work requirements, that is unacceptable,” she said.
House Minority Leader Hakeem Jeffries (D-NY) called the spending cuts and caps that House Republicans want in a debt ceiling compromise “draconian” and “dramatic,” saying those cuts would undermine the “health, the safety, and the economic well-being of the American people.”
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On the contrary, many Republicans believe more cuts should be enacted and the country should continue to spend less than it has in previous years.
“Our economy is in real trouble,” Rep. Byron Donalds (R-FL) said. “Inflation has hurt every American, and you got to cut spending here if you’re going to help the Fed deal with inflation. So we feel that the American people agree with us on this.”
