President Joe Biden and House Speaker Kevin McCarthy say they and their lead negotiators have had a productive meeting at the White House on the impasse over the government's debt ceiling
Each side praised the other's seriousness, but basic differences remained. They are at odds over how to trim annual budget deficits. Republicans are determined to cut spending while Biden's team offered to hold spending levels flat. Biden wants to increase some taxes on the wealthiest Americans and some big companies, but McCarthy said early on that that is out of the question.
Negotiations are focused on finding compromise over a 2024 budget year cap that would be key to resolving the standoff. Republicans insisted next year’s spending be less than it is now, but the White House instead offered to hold spending flat at current 2023 numbers. "We’re going to find a baseline that we agree to that will be less than what we spent this year," McCarthy said back at the Capitol.
But McCarthy continued to blame Biden for having refused to engage earlier on the debt ceiling, an issue that is often linked to the federal budget. GOP lawmakers are also seeking cuts in IRS funding and, by sparing defense and veterans accounts from reductions, would shift the bulk of spending reductions to other federal programs.
For months, Biden had refused to engage in talks over the debt limit, contending that Republicans in Congress were trying to use the borrowing limit vote as leverage to extract administration concessions on other policy priorities.
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