Biden: Debt limit negotiations to continue; default not an option

(NewsNation) — President Joe Biden and congressional leaders sparred over debt limit negotiations, but no breakthrough was reached by the end of the Tuesday meeting.

Biden hosted House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell at the White House with the possibility of a default looming.

“I told congressional leaders I am prepared to begin a separate discussion about my budget and spending priorities, but not under the threat of default,” Biden said in a press conference following the meeting.

McCarthy says he “didn’t see any new movement,” on debt ceiling negotiations after the meeting on Tuesday.

“I asked the president this simple question: Does he not believe there’s any place we could find savings?” McCarthy said.

Despite the lack of movement from either side, McConnell remains confident a solution will be reached.

“The United States is not going to default, it never has, and it never will,” McConnell said following the sit-down. “The solution to this problem lies with two people, the president of the United States, who can sign a bill and deliver the members of his party to vote for it, and the speaker of the House.

Jeffries echoed McConnell’s sentiments, saying the majority of Congress has taken defaulting off the table.

“House Democrats have taken default off the table. Senate Democrats have taken default off the table. Senate Republicans, as just indicated by leader McConnell, have taken default off the table. President Biden, from the very beginning, took default off the table,” Jeffries said, adding, it is only “extreme MAGA Republicans” that have indicated they are willing to go down the path of default.

McCarthy has not publicly announced his intention to take a default off the table.

The leaders have agreed to meet again later this week to continue the negotiations in an effort to avert a default.

“There is a lot of politics, posturing and gamesmanship and it’s going to continue for a while. But I am squarely focused on what matters, and we are getting to work,” Biden said at the press conference.

Hours before the meeting was slated to begin, McCarthy rejected the proposition of a short-term solution, saying, “We shouldn’t kick the vote. Let’s just get this done now.”

Meanwhile, the Biden administration is arguing that if the U.S. defaults on its debt, there could be a recession.

“If House Republicans get their way, it could also trigger a recession, and we’ve listed over and over again what this could be if they continue to hold the American economy hostage,” White House press secretary Karine Jean-Pierre said hours before the meeting.

Tuesday’s meeting was key in breaking the monthslong stalemate over raising the debt ceiling, the deadline for which could come as early as June 1.

With neither side showing signs of budging, lawmakers are bracing for a tumultuous few weeks before a historic debt default or deal.