McCarthy says Biden needs to make a call on debt negotiations: ‘Timeline is very short’

House Speaker Kevin McCarthy Urges President Biden to Act on Debt Ceiling Negotiations

McCarthy Calls for Direct Negotiations

House Speaker Kevin McCarthy (R-CA) has called on President Joe Biden to appoint someone from his administration to negotiate directly with him as the deadline to prevent the United States from defaulting on its debt rapidly approaches. Speaking on CNBC’s Squawk Box on Wednesday, McCarthy stressed the importance of direct negotiations, citing the precedents set by former Presidents Donald Trump, Barack Obama, and George W. Bush.

“What we really have to do is what every time before was able to do. The president should appoint either himself or people from his administration to negotiate directly with myself,” McCarthy said.

Biden Refused to Negotiate for Months

McCarthy also criticized Biden for refusing to negotiate with congressional leaders for months, despite the urgency of the situation. “The challenge here is the president waited 104 days until he came to this conclusion,” McCarthy said. “I want to be reasonable. I want to be sensible. But more importantly, I want to be responsible, but he ignored us.”

Time is Running Out

While the White House has agreed to negotiate, McCarthy stressed that time is running out before the U.S. is set to default if the debt ceiling is not raised. “The problem is the timeline is very short, but Republicans are the only ones who have passed a bill, the Limit, Save, Grow Act, to raise the debt ceiling and actually make the economy stronger,” McCarthy said.

Negotiations Continue

McCarthy, Biden, and other congressional leaders met at the White House on Tuesday as negotiations continue on the debt ceiling, even as Biden travels to Japan on Wednesday to a meeting of the G-7. The White House did announce Biden would return from his international trip earlier than planned, canceling the Australia and Papua New Guinea stops.

Quick Deadline for Congress and the White House

Treasury Secretary Janet Yellen has warned that the U.S. will likely default on its debts by June 1 if the debt ceiling is not raised, making for a quick deadline for Congress and the White House to act. As the negotiations continue, all eyes are on President Biden to make a call on debt ceiling negotiations and prevent a potential economic crisis.