Biden and McCarthy had a productive meeting, but no debt ceiling deal yet.

McCarthy and Biden Discuss Debt Ceiling and Federal Spending

House Speaker Kevin McCarthy (R-Calif.) and President Joe Biden met on May 22 to discuss raising the debt ceiling and cutting federal spending. McCarthy expressed optimism that an agreement could be reached before the country defaults on its debt, which could happen as early as June 1. While there are still areas of disagreement, both leaders are committed to finding a bipartisan solution. Rep. Patrick McHenry (R-N.C.), a lead negotiator for Republicans, said the meeting provided clarity for their negotiating teams to create a specific deal. However, McCarthy declined to name any points of agreement or concessions made by each side.