McCarthy Sees 'Common Ground' After Biden Debt Ceiling Meeting

President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) met to discuss the debt ceiling on Wednesday, with McCarthy stating after the meeting that he was confident they could come to an agreement. 

The Details: Both sides have agreed to further negotiations following this first indication of how Biden and McCarthy might work together to resolve the debt ceiling standoff. Republicans have called for spending cuts to accompany any debt ceiling hike. Some Democrats frame raising the debt ceiling as a routine congressional duty.

Key Quote: "I can see where we can find common ground," McCarthy told reporters Wednesday outside the White House. The White House said that Biden told McCarthy he was eager to work with Republicans "in good faith."

For Context: On January 19, the federal government's authority to issue new debt expired, and the Treasury Department began measures to prevent a default on paying the government's bills. The measures include suspending new investments in government pension programs until early June 2023. A similar situation occurred in 2011, when Congressional Republicans opposed President Barack Obama's push to raise the debt ceiling. Congress ultimately voted to raise the debt ceiling that year, two days before the deadline.

How the Media Covered it: Headlines from sources across the political spectrum mentioned McCarthy's "common ground" remark.