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Speaker McCarthy: ‘It is possible to get a deal by the end of the week’ on debt ceiling

Speaker of the House Kevin McCarthy (R-California) expressed optimism about reaching a deal on the debt ceiling by the end of the week.

Following a meeting with President Biden and congressional leaders at the White House, McCarthy, alongside Senate Minority Leader Mitch McConnell, addressed the press, emphasizing the urgency of the situation.

McCarthy acknowledged that there was a lot of work to be done within a short timeframe, lamenting the fact that they were not in this position 100 days ago.

However, he assured that they would work diligently to bring this matter to fruition.

When asked about future meetings, McCarthy pointed out that House Republicans had already taken action by passing a bill that raised the debt ceiling while limiting future spending.

He highlighted the bill’s potential to save taxpayers money by reducing wasteful expenditures and strengthening the economy.

McCarthy then invited McConnell to speak, who reiterated that the President and the Speaker were the key figures in reaching a deal, expressing his commitment to rallying his conference behind any agreement they could reach.

Addressing the question of when they would meet again, McCarthy stressed that it was a no-brainer to address the issue promptly.

He criticized Democrats for not addressing the billions of dollars appropriated two years ago that remained unspent, arguing that it was taxpayers’ hard-earned money.

McCarthy stated that the pandemic was over, and those funds could not be recovered.

He believed that such provisions would ultimately be included in the bill.

Responding to concerns about the prolonged negotiation process, McCarthy mentioned that he had met with the President on February 1st to avoid the current situation.

He emphasized the need to address the country’s excessive spending, pointing to the $6 trillion additional spending by Democrats that led to inflation.

McCarthy also highlighted the importance of growing the economy and reducing dependence on China, expressing regret that it took Republicans raising the debt ceiling and passing a bill to secure a meeting with the President.

When asked about the current status of negotiations, McCarthy confirmed that they were still very far apart.

However, he remained hopeful that a deal could be reached by the end of the week, emphasizing the elements of the bill they had passed, such as limiting spending growth and implementing work requirements.

He asserted that these measures would help lift people out of poverty, strengthen the supply chain, and make the country more energy-independent.

In conclusion, McCarthy expressed confidence in the Republicans’ ability to find a solution, despite the challenges they faced in the negotiation process.

The Speaker’s remarks highlighted the urgent need to address the debt ceiling and his party’s commitment to fiscal responsibility and economic growth.

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