It’s part of a broader campaign by Biden to try to paint the Republican cuts as draconian. Biden, she said, was not willing to discuss compromises with “a gun to the head of the American people and the American economy.”Īlready looking past the meeting, Biden on Wednesday is to go to Westchester County, New York, where he plans to deliver a speech on how proposed spending cuts approved by House Republicans could hurt teachers, older adults needing food aid and veterans seeking health care. Treasury Secretary Janet Yellen acknowledged the “very big gap” between Democrats and Republicans in an interview Monday with CNBC. The meeting was timed to begin after U.S. The chasm between these opposite postures is fomenting uncertainty that is roiling financial markets and threatens to turn into a tidal wave that swamps the country’s economy. In brief remarks before substantive discussions began, Biden quipped to reporters, “We’re going to get started, solve all the world’s problems.”īefore the White House meeting, both McCarthy and White House press secretary Karine Jean-Pierre insisted it would be simple to avert default - if only the other side capitulated. With the government at risk of being unable to meet its obligations as soon as June 1, raising the specter of economic chaos, Republicans came to the White House hoping to negotiate sweeping cuts to federal spending in exchange for allowing new borrowing to avoid default.īiden, on the other hand, was set to reinforce his opposition to allowing the country’s full faith and credit to be held “hostage” to negotiations - and to affirm his willingness to hold talks on the budget only after default is no longer a threat. Their initial challenge was simply to agree on what exactly they’re talking about as they held their first substantive meeting in months. The president welcomed House Speaker Kevin McCarthy, House Democratic leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Minority Leader Mitch McConnell in the Oval Office.
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