Biden, House Speaker McCarthy meet to discuss debt ceiling with no agreement reached

NEW YORK

US President Joe Biden met House of Representatives Speaker Kevin McCarthy on Wednesday to discuss the debt ceiling -- the maximum amount the government can borrow.

McCarthy voiced optimism although there was no agreement.

“We both have different perspectives on this, but I thought this was a good meeting,” McCarthy told reporters outside the White House. “We promised we would continue the conversation and we will see if we can get there. I think that at the end of the day, we can find common ground.”

The debt ceiling deadline is June 5 and Republicans are pushing for spending cuts.

But the president wants the debt limit to be raised without preconditions.

The US hit the debt limit last month and Treasury Secretary Janet Yellen has been pushing Congress to lift the nation’s $31.4 trillion debt ceiling.

The White House said Biden and McCarthy had a “frank and straightforward” discussion.

“President Biden made clear that, as every other leader in both parties in Congress has affirmed, it is their shared duty not to allow an unprecedented and economically catastrophic default,” it said.

“The President welcomes a separate discussion with congressional leaders about how to reduce the deficit and control the national debt while continuing to grow the economy,” it added.