As House Speaker Kevin McCarthy (R-Ca.) and President Biden try to hash out a deal to avoid defaulting on America’s $31.7 trillion in debt, McCarthy has accused Biden of negotiating in bad faith as he and other Democrat leaders have refused to discuss budget cuts to shore up America’s massive deficit.
McCarthy told reporters that he would meet with Biden again on Friday, but that he ‘did not find progress’ in their meeting this week.
After the meeting, Biden went so far as to say that he would invoke an obscure clause in the 14th Amendment to address the debt limit which states that “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.”
McCarthy shot back at Biden in a press conference of his own, saying that the President is a ‘failure’ for even considering such a measure.
Democrats have said that proposed spending cuts by Republicans would affect veteran’s benefits.
McCarthy called the claim a ‘lie’ and claimed he said as much during his meeting with Biden.
Biden Treasury Secretary Janet Yellen has said that the United States government would run out of ways to pay its debt by June 1st if the debt ceiling is not raised.
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FOX News Reports–
House Speaker Kevin McCarthy told reporters at the U.S. Capitol on Tuesday evening that he will meet with President Joe Biden again on Friday to discuss the debt limit, and that he would oppose the commander-in-chief’s usage of the 14th Amendment to the Constitution in a bid to skirt House Republicans on the borrowing limit altogether.
“I didn’t find progress in this meeting. Staff will continue to meet and we’ll get back together on Friday, and hopefully the president then can change the path of the last 97 days,” McCarthy, R-Calif., said in reference to the time between today’s meeting and their first debt ceiling sit-down on February 1.
He said their staffs will meet “to see if we could find places that we could find savings and be able to come to an agreement on the debt ceiling,”