U.S. President Joe Biden and House Speaker Kevin McCarthy could not agree on the debt ceiling.
Biden warned that if the U.S. fails to pay its debt, Americans and the rest of the world will be hit hard economically. America needs to cut spending. Biden added that despite the disagreement, he is optimistic. This was reported by Reuters.
The speaker stressed that the meeting was productive, but no agreement was reached. McCarthy believes this can be fixed.
He criticized Biden for not inviting him to the White House for months to discuss the debt ceiling. Republicans did not agree with Biden's proposal to raise taxes and rejected the Pentagon spending cuts. McCarthy opposes raising the debt ceiling in the short term.
He intends to talk to Biden every day until an agreement is reached.