McCarthy says deal on debt limit is possible

US House of Representatives Speaker McCarthy stated that an agreement on the debt limit is possible US House of Representatives Speaker Kevin McCarthy said, "It is possible to reach an agreement by the end of the week," following his meeting with US President Joe Biden on the debt limit. With very little time left in the US for the federal government to reach the $ 31.4 trillion debt limit and face a cash shortage, US President Biden met with congressional leaders once again at the White House. US House of Representatives Speaker McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell attended the closed-door meeting. Biden is optimistic about an agreement In a statement made by the White House following the meeting, it was reported that President Biden emphasized that although more work remains on a number of difficult issues, he is optimistic about a responsible, bipartisan budget agreement if both sides negotiate in good faith and accept that they will not get everything they want. The statement reported that Biden has instructed his staff to continue to meet daily on the outstanding issues. “It is possible we can reach an agreement by the end of the week” Speaking to members of the press after the meeting, US House of Representatives Speaker McCarthy also pointed out that there was a lot of work to be done on the debt limit in a short time, saying that the meeting laid the groundwork for future talks. Stating that they need to find a way to cut spending, raise the debt limit and grow the country’s economy at the same time, McCarthy said that Republicans are trying to find a solution. McCarthy said, “It is possible we can reach an agreement by the end of the week.” Senate Minority Leader Mitch McConnell also touched on the fact that time was running out, emphasizing that they knew they would not default. “Everyone agreed that default would be the worst outcome” Senate Majority Leader Democrat Chuck Schumer stated that the meeting was “good and productive” and made the assessment that, “Everyone agreed that default would be the worst outcome.” Schumer noted that they agreed that a bill that receives bipartisan support should be passed. House Minority Leader Hakeem Jeffries also said they agree that the only way to move forward on the debt ceiling is with bipartisan support. "We all agree that default is not an acceptable option and must be avoided," Jeffries said.