President Joe Biden and Republican House leader Kevin McCarthy said on Wednesday that they are working to reach a deal on the debt ceiling by Sunday.
The comments come as the pair continue negotiations on raising the $31.4 trillion debt ceiling to ensure that the United States can avoid defaulting on its debt obligations.
Speaking to reporters at the White House, the president said that the two parties will “come together” because there is no alternative.
“To be clear, this negotiation is about the outlines of the budget,” the president said, explaining that both sides believe that debt payments will be made.
“The leaders have all agreed: We will not default. Every leader has said that.”
The president’s comments could go a long way in ensuring Americans that a potentially catastrophic default occurs, throwing the U.S. economy into turmoil, shutting down the government, and creating long-term financial instability.
Republicans continue to press Senate Democrats on spending cuts, with House leader McCarthy arguing that substantial cuts must be made to ensure that debt does not continue to rise at unsustainable levels.
When asked by reporters on Sunday whether a deal could be reached by the end of the week, McCarthy said he believes it can be done.
“We’re on such a short timeline, it makes it almost harder,” McCarthy said. “But there’s one thing you know, for me, I never give up. I have the grit, the perseverance and we’re going to get it done.”
House Dems Want to Force Debt Limit Vote
Also on Wednesday, House Democrats moved forward with plans to force a vote on whether or not the debt limit should be raised in the event that negotiations stall between the House GOP and President Biden.
In a letter to his House colleagues, Democratic House minority leader Hakeem Jeffries asked House Democrats to sign a discharge petition which would force a House vote on the matter. The petition would first require 218 members to sign it, however, meaning five Republicans would need to join the Democrats in forcing the vote. Republicans would also need to side with Democrats on the issue to win the vote, should it go ahead.
With Republicans fighting for spending cuts, however, Jeffries may have a fight on his hands to get enough Republican members on board. This week, however, Jeffries said that he believes a pathway exists for a “bipartisan resolution that prevents a default.”
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Jack Buckby is 19FortyFive’s Breaking News Editor. He is a British author, counter-extremism researcher, and journalist based in New York. Reporting on the U.K., Europe, and the U.S., he works to analyze and understand left-wing and right-wing radicalization, and reports on Western governments’ approaches to the pressing issues of today. His books and research papers explore these themes and propose pragmatic solutions to our increasingly polarized society.
