President Joe Biden and House Speaker Kevin McCarthy are wrangling over how to pay the nation’s bills. In their first Oval Office meeting on Wednesday, the two spent about an hour discussing the $31 trillion debt ceiling.
The government hit the ceiling about two weeks ago and can’t borrow more money until Congress votes to raise it.
McCarthy wants a promise to cut spending first, while the president says there shouldn’t be any haggling when it comes to meeting the government’s obligations.
“I will not let anyone use the full faith and credit of the United States as a bargaining chip. In the United States of America we pay our debts,” Biden said.
McCarthy says he’s not proposing any cuts to Medicare or Social Security, but something must be done to address the stunningly high U.S. national debt.
McCarthy said, “I’ve been very clear, the current path we are on we cannot sustain….