Speaker Kevin McCarthy (R–Bakersfield) is set to hold his first confab with President Joe Biden and other Congressional leaders to discuss the debt limit.
Members of the so-called “Gang of Four” are expected to meet on May 9.
Leading off: Sources told CNN that McCarthy accepted the invitation, marking the first time since February that the two leaders will discuss the matter at length.
- However, McConnell has not yet confirmed if he will attend the meeting.
- Along with McCarthy, Senate Minority Leader Mitch McConnell, and House Minority Leader Hakeem Jeffries will attend the sit-down to discuss the upcoming debt limit.
- The U.S. is expected to reach its borrowing limit as soon as June 1, according to Treasury Secretary Janet Yellen. She warned that the U.S. could face disastrous economic consequences if lawmakers do not raise the debt limit to avoid default.
- Democrats and Republicans remain at a stalemate. House Republicans have pushed for any increase in the borrowing limit to be paired with spending cuts, raising concern about the U.S. debt.
Battle on the Hill: Last week, the House GOP conference narrowly passed a bill that would raise the debt limit by $1.5 trillion or through March 2024, whichever comes first, and implement a slew of spending cuts that, according to the Congressional Budget Office, would amount to $4.8 trillion.
- Schumer, however, has said the measure is “dead on arrival,” and Biden has threatened to veto the measure if it lands on his desk.
- The White House and Democratic lawmakers, on the other hand, have pushed for a “clean” debt ceiling, meaning no conditions are associated with raising the borrowing limit.
What they’re saying: Biden emphasized the importance of raising the debt limit and avoiding the fiscal cliff, saying that “America is not a deadbeat nation. We have never, ever failed to meet the debt.”
- McCarthy reiterated his stance on the debt limit, stating that a “clean” debt limit increase is not on the table.
- “We will not pass a debt ceiling that just raises it without doing something about our debt,” the Speaker said.