The debt ceiling meeting between Biden and McCarthy: "No new movement"

After months of back and forth on the debt ceiling, Joe Biden finally met with Kevin McCarthy and the other Congressional leaders. After an hour-long meeting, in which Chuck Schumer and Hakeem Jeffries also participated, the protagonists confessed that nothing new emerged: each staunchly stated their position, and no compromise was met.

The meeting came after Janet Yellen, Treasury Secretary, once again stated that the deadline to find a solution to the debt ceiling is June 1. Under Speaker McCarthy's leadership, Republicans have already passed their bill in the House of Representatives, dubbed the Limit, Save and Grow Act of 2023.

The legislation provides for an increase in the ceiling for one year and then a reduction in public spending. Specifically, it would limit spending to 1% per year over the next decade while reversing some Biden Administration policies, such as canceling student loans and tightening work requirements for government assistance programs. The text was approved in mid-April with 217 votes in favor and no Democrats supporting the bill.

President Biden's position is clear on the other side of the aisle: a clean raise or nothing. The tug-of-war is delaying the matter as the clock continues to tick toward the deadline. The White House even considers activating the 14th Amendment to solve the problem. Despite the considerable delay, this context prompted a meeting between the president and congressional leaders, which took place Tuesday, May 9.

"Everybody in this meeting reiterated the positions they were at. I didn't see any new movement," McCarthy said minutes after the Oval Office meeting ended. Asked if they could bring positions closer together, the spokesman replied, "Well, we met, so that's closer."

The spokesman also took the opportunity to blame the president for the delay in arranging the meeting. "It is unfortunate that so many of you are here today because the president has denied us to talk for the last 97 days. I'm hoping that the next two weeks are different. I'm hoping this president understands, as the leader of this nation, that you can't sit back and hold the country hostage," the Californian added.

As reported by The Hill, Hakeem Jeffries was optimistic about the meeting, which he described as "honest and frank about the way forward." He also stated that the groups will meet again in the next few days to continue talks.

"Everyone is entitled to their own particular perspective, but the fact that everyone in that meeting agreed that we should move forward with real conversations no later than tomorrow morning in terms of the budget and appropriations path to see where we can find common ground is progress," added the minority leader in the Lower House.

Jeffries' speech also had room for self-criticism. "The reason why we're at this point is because of inaction — nothing can be further from the truth," he said. As for the following steps, the next meeting between the President and Congressional leaders is expected to be on Friday, May 12.

Mitch McConnell also spoke to the press post-meeting. He urged Biden and McCarthy to find a solution that works for everyone while asserting that the United States" will not default" on its financial obligations.