Biden and McCarthy begin debt ceiling battle

By Jen Krausz on
 January 20, 2023

House Speaker Kevin McCarthy (R-CA) said Tuesday that he wants to meet with party leaders from both sides to begin negotiations on how to raise the debt ceiling while at the same time cutting spending in meaningful ways.

“I would like to sit down with all the leaders and especially the president and start having discussions,” McCarthy said.

Treasury Secretary Janet Yellen said that the debt ceiling would get close to the current limit on Thursday; however, Yellen said she would take “extraordinary measures” to extend the deadline to June.

McCarthy wants to negotiate now to avoid issues with hammering out an agreement as the deadline gets close.

“Who wants to put the nation through some type of threat at the last minute with the debt ceiling? Nobody wants to do that," he said.

In response, Biden has called Republicans "fiscally demented" and said he will not negotiate on the debt ceiling, making it clear that the House is expected to raise it without delay.