The House Majority leader McCarthy spoke about making progress after the meeting yesterday. A summary:
He described as “productive” and “professional,” though no agreement was reached. According to McCarthy, the discussion’s tone was more amicable than previous encounters.
McCarthy emphasized the importance of a compromise and said that he and Biden were going to work through the night on it. He also expressed cautious optimism about finding common ground to strengthen the economy, manage the debt, reinvigorate the government, curb inflation, decrease dependence on China, and improve the appropriations system.
Despite the constructive dialogue, McCarthy noted the urgency to reach a deal quickly due to the imminent June 1st deadline, which he believes is the absolute deadline for averting a debt default. He acknowledged the challenges of the legislative process and the need to pass a bill in both the House and Senate before the deadline.
McCarthy also mentioned that he is willing to keep the House in session as long as necessary to pass a bill, emphasizing their duty to do so. He added that one of the key sticking points in the talks remains the question of spending caps, a demand from Republicans but a red line for the White House.
McCarthy criticized the Democrats for overspending since gaining the majority, promising that this trend will stop and that future spending will be less than the previous year. However, he also indicated that Republicans might be open to extending the debt limit for a longer period if Biden agrees to even more cuts.
The negotiations are ongoing, with the aim of reaching a deal that satisfies both parties and can pass the legislative process in time to avoid a debt default.