Home NewsEconomy News We’re going to have a discussion about U.S. debt with House leader By Reuters

We’re going to have a discussion about U.S. debt with House leader By Reuters

by WOOWinvest
0 comment
We’re going to have a discussion about U.S. debt with House leader By Reuters


© Reuters. US President Joe Biden speaks as he hosts mayors from the US Conference of Mayors’ Winter Meeting and other officials in the East Room at the White House in Washington, US, January 20, 2023. REUTERS/Leah Millis


By Jeff Mason

WASHINGTON (Reuters) – President Joe Biden on Friday pledged to “have a discussion” with House of Representatives Speaker Kevin McCarthy on US debt amid a looming debate about raising the debt ceiling.

At an event with city mayors, Biden said a US debt default would be a calamity unlike anything ever seen in the United States financially.

“The debt we’re paying on, and we’re gonna have a little discussion about that with the new majority leader of the House, has accumulated over 200 years,” Biden said, not citing McCarthy by name.

He did not provide details on when he might talk to McCarthy, the newly named Republican Speaker who wants to link a vote to raise the debt ceiling to government spending cuts.

McCarthy said in a tweet addressed to Biden that he “accepted your invitation to sit down and discuss a responsible debt ceiling increase to address irresponsible government spending.”

White House spokesperson Karine Jean-Pierre said in a statement that Biden looked forward to meeting with McCarthy to “discuss a range of issues” as part of a number of meetings he is holding with new congressional leaders.

“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,” she said.

Biden is hosting Democratic congressional leaders at the White House on Tuesday. A White House official said no date had been set for a McCarthy visit.

The White House has repeatedly said it will not negotiate about raising the debt ceiling and has used some Republican proposals for spending cuts to draw a contrast with Democratic priorities.

“As for the broad economic debate in our country, the Speaker and his allies have said that they have a fiscal plan to cut Social Security, cut Medicare, cut other vital programs, and impose a 30 percent national sales tax,” Jean-Pierre said, referring to US social safety net programs. “We are going to have a clear debate on two different visions for the country – one that cuts Social Security, and one that protects it – and the President is happy to discuss that with the Speaker.”

You may also like

Leave a Comment

Our Mission is to help you make better trading decisions by providing actionable investing content, comprehensive tools, educational resources and assist you in making more money in the stock market.

Latest News


Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2022 – All Right Reserved. Designed and Developed by WOOW Invest

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy