President Biden and House Speaker Kevin McCarthy (R-Calif.) are meeting this afternoon at the White House to try to negotiate a solution to the nation’s debt limit crisis. The country has essentially reached its debt ceiling, and if Congress doesn’t act to raise the statutory limit, as has routinely been done in the past, the U.S. could default on its existing debt.
The default could have an impact on service members and national security, as On Base has reported.
President Biden has said he wants a clean debt limit increase with no strings attached. McCarthy, who has a narrow House majority, is insisting the increase be coupled with deep budget cuts but has not suggested specific cuts.
“I don’t believe anybody in America believes that you can’t find some places to find savings in what we’re spending,” McCarthy said, according to the The New York Times.
New York Times photo by Doug Mills