House Speaker Kevin McCarthy (R-CA) is aiming to strike a deal soon with the White House on raising the debt ceiling, he indicated to reporters Wednesday afternoon.
McCarthy said staff planned to meet at the White House “to try to finish up the negotiations” between House Republicans and President Joe Biden that day and made clear that spending cuts remain a condition of any debt ceiling hike.
The speaker also caveated that “there’s a number of places that we are still far apart.”
House Republicans passed the Limit, Save, Grow Act in April, which would raise the debt ceiling through early next year while drastically reducing spending. The bill’s provisions include blocking Biden’s student loan bailout, rescinding recent funding to the IRS, repealing climate-related parts of the Inflation Reduction Act, and expanding work requirements for welfare recipients.
The cuts are meant to help rein in government spending that, according to Republicans, has driven growth of the national debt, which stands at $31 trillion.