Little Progress Reported During Biden, McCarthy Debt Ceiling Meeting

In a White House meeting Tuesday, President Joe Biden and congressional leaders attempted to reach a deal to raise the debt ceiling and avert a looming debt default. Reports and statements indicate little progress was made during the talks. 

Details: Biden met with House Speaker Rep. Kevin McCarthy (R-CA), top House Democrat Rep. Hakeem Jeffries (D-NY), Senate Majority Leader Chuck Schumer (D-NY), and Senate Minority Leader Mitch McConnell (R-KY). The key players at the meeting were Biden and McCarthy, who must reach an agreement in order to raise the debt ceiling. This is the first meeting between the two since February. Last month, House Republicans passed a bill to raise the debt ceiling for one year that included spending cuts. Biden’s White House is insisting that the bill to raise the debt ceiling include no spending cuts, and Schumer is not bringing the House Republican’s bill to a vote in the Senate. 

Key Quotes: “We're going to get started and solve all the world's problems,” Biden said to reporters before the meeting began. Following the meeting, McCarthy told reporters, “Everybody in this meeting reiterated the positions they were at. I didn't see any new movement.”

How The Media Covered It: Outlets across the spectrum covered the meeting. Since there were few developments in terms of negotiations, outlets focused on potential ramifications of a debt default, domestically and globally, and highlighted signs that financial markets are already preparing for that possibility.