Biden, McCarthy To Meet Over Debt Crisis, Spending Cuts

President Joe Biden will meet House SpeakerKevin McCarthy at the White House on Wednesday to resolve the imbroglio over the debt ceiling and spending cuts.

What Happened: Biden will ask McCarthy whether he intends to meet his Constitutional obligation to prevent a national default, as every other House and Senate leader in U.S. history has done, said a White House spokesperson, reported Reuters.

I know the president said he didn't want to have any discussions, said McCarthy, reported Reuters, citing CBS Face The Nation program.

"I want to find a reasonable and a responsible way that we can lift the debt ceiling (and) take control of this runaway spending."

Why it Matters: McCarthy said, there will not be a default. However, the House Speaker labeled the current actions of the Democrats as irresponsible.

Earlier this month, Treasury SecretaryJanet Yellenactivated an extraordinary cash management measure to ward off a breach of the federal debt limit.