Debt limit talks end without a deal after a tumultuous weekend for negotiators.

House Speaker Kevin McCarthy to Meet with President Biden After Turbulent Debt Ceiling Negotiations

House Speaker Kevin McCarthy (R-CA) and President Joe Biden are set to meet on Monday following a “productive” phone call that capped off a weekend of tense negotiations over the debt ceiling. McCarthy had put talks with the White House on pause, accusing Biden’s negotiators of moving “backwards” while the White House called the GOP team’s latest offer a “big step back” that would not pass the Senate.

Biden Targets Taxes in Debt Ceiling Talks

Biden has called for both sides to move from their extreme positions, stating that much of what the Republicans have proposed is “simply, quite frankly, unacceptable.” The two sides returned to the negotiating table over the weekend, with representatives from both sides working to hammer out a deal.

• One main area of disagreement is spending, with annual spending caps being a red line for House Republicans.
• The debt ceiling will need to be raised or abolished next month to avert a default, which economists warn would wreak havoc on the economy.
• McCarthy was able to pass his debt ceiling budget proposal last month with the support of Senate Democrats, but the White House has vowed to veto it if it reaches Biden’s desk.

The president canceled planned visits to Australia and Papua New Guinea to address the debt ceiling matter and will meet with McCarthy and their respective teams on Monday afternoon after being briefed on the latest developments.

Despite negotiations picking up in recent weeks, no deal has been reached yet.

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