McCarthy: Debt Ceiling Talks Delayed and Troubled Before Tuesday Meeting.

Debt Limit Talks with Democrats and President Biden “Not in a Good Place,” Says House Speaker McCarthy

House Speaker Kevin McCarthy has expressed his concern that debt limit talks with Democrats and President Joe Biden are “not in a good place.” He stated that Biden had delayed talks for 100 days, adding to the pressure of the situation. A debt ceiling meeting has been scheduled for 3 p.m. ET on Tuesday, after being postponed from last Friday.

Treasury Secretary Warns of Catastrophic Default

Treasury Secretary Janet Yellen has warned that her department won’t be able to pay the federal government’s debts if the debt ceiling is not raised or suspended by June 1st. This deadline was estimated in May but has now been confirmed. Republicans and Democrats have a little over two weeks to make a deal or the United States government will catastrophically default on its $31.4 trillion in debt.

McCarthy Urges Biden and Democrats to Get Serious About Negotiating

McCarthy has sought to use the threat of defaulting on the nation’s debts to force Democrats to limit their spending. He has urged Biden and the Democrats to “get serious about negotiating” before he would feel like their meetings are successful. “They would have to really talk about where they’re going to go,” McCarthy said. “Time is of the essence.”

Concerns Over Continued Spending

McCarthy has expressed his concern about the president’s continued spending and what it will do to Medicare and social security. “I’m really concerned about…instead of the Democrats sit,” he said on Monday. An increase in the debt limit would not authorize new federal spending. It would only allow for borrowing to pay for the policies and legislation that Congress has already approved.

The Clock is Ticking

With Biden scheduled to leave the country on Wednesday for Group of Seven meetings in Japan, the pressure is on to finalize a deal before the deadline. “We only have so many days left,” McCarthy told reporters on Monday. “I don’t think we’re in a good place, I know we’re not. This ignoring the problem, thinking it will go away…he could bumble his way into a default just like he did on the border.”

Save and Grow

McCarthy has emphasized the GOP’s economic strategy of “save and grow.” He has argued that the government can’t continue to spend money at the pace it is now. The clock is ticking, and a deal must be made soon to avoid a catastrophic default.