US President Biden speaking ahead of the meeting he is now having with US House Speaker McCarthy on debt limit negotiations.
- Optimistic we will make some progress on debt ceiling
- We need a bipartisan
agreement, need to sell it to our constituencies - We should be looking
at tax loopholes and that wealthy pay their fair share - I’m glad the Speaker’s here today, we both agree default is not an option, we both talked about the need for bipartisan agreement
Mccarthy weighing in:
- Looking
forward to finding common ground
This appears to be where we are at:
- The Biden admin have offered 2023 baseline with 0% increase for 2024, then 1% for 2025.
- Republicans want 2 yr-caps
-GOP wants FY 2022 levels, 1% increase per year with 10 yrs of caps - The possible compromise being floated: FY 2022, adjusted for inflation