US House speaker McCarthy says accepts Biden’s request to discuss debt
US House Speaker Kevin McCarthy tweeted he's looking forward to meeting with US President Joe Biden to negotiate Congress' imposed debt ceiling.
US House Speaker Kevin McCarthy said he accepted President Joe Biden's invitation to discuss the situation regarding US national debt and a possible increase in the debt ceiling imposed by Congress.
"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.
President Biden: I accept your invitation to sit down and discuss a responsible debt ceiling increase to address irresponsible government spending.— Kevin McCarthy (@SpeakerMcCarthy) January 20, 2023
I look forward to our meeting.
The Treasury Department announced on Thursday that it has begun taking extraordinary measures to avoid a government debt default by temporarily suspending payments that are not immediately required for essential programs or to keep the government running.
Treasury Secretary Janet Yellen warned last week that the United States will soon reach its debt ceiling. The US national debt is approximately $31.46 trillion, according to Treasury Department data.
Yellen warned on Friday that if Congress does not address the debt limit soon, the United States risks triggering a recession or a global financial crisis. If Congress fails to raise the limit, the US will automatically default on its payments, obstructing basic US government functions.
Read next: US debt default might trigger global financial crisis
The White House said in a statement on Friday that Biden will meet with McCarthy as part of a series of meetings with new congressional leaders. The White House said in a statement that Biden and McCarthy will debate two opposing visions for the United States, which the president welcomes.
"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.
The White House said in a statement on Friday that Biden will meet with McCarthy as part of a series of meetings with new congressional leaders. The statement related that Biden and McCarthy will debate two opposing visions for the United States, which the president welcomes.
Biden will also discuss his own plan to reduce the deficit while strengthening retirement programs by taxing large corporations, according to the statement.
Read next: US starts 'extraordinary measures' to ward off potential debt default