Washington D.C. – As the U.S. faces a looming debt crisis, President Joe Biden and Speaker of the House Kevin McCarthy are scheduled to meet for their first one-on-one sitdown. Despite high expectations, the outcome of this meeting is expected to be insignificant as both Democrats and Republicans show no signs of giving ground.
Democrats, led by the White House and Senate, have refused to entertain the idea of giving ground in talks, while Republicans are yet to agree on a spending cuts plan. This has resulted in a debt stalemate, with House Republicans having low expectations for the meeting.
Rep. Chip Roy of Texas is one of the few Republicans with a concrete proposal for spending cuts, which does not include the Pentagon’s budget or programs like Medicare or Social Security. However, Republicans remain fiercely split over major issues like cutting the Pentagon’s budget and entitlement programs.
Meanwhile, Democrats are demanding that the U.S. will never default on its financial obligations, and are looking for a commitment from McCarthy on the same. The White House is expected to unveil their proposed budget for the coming fiscal year on March 9, while Senate Democrats have stated they’re willing to discuss government funding but not while using the nation’s borrowing limit as a bargaining chip.
Sen. Joe Manchin of West Virginia believes it would be a mistake for the White House not to negotiate with Republicans over the debt ceiling, and is one of the few centrists who have spoken on the matter.
This high-stakes uncertainty as the U.S. faces a summertime cliff draws parallels to the Obama administration’s flirtation with debt calamity more than a decade ago. It remains to be seen if Biden and McCarthy will be able to come to an agreement and find a way to address the nation’s rising borrowing bills.
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