McCarthy Rejects Debt Ceiling Extension Ahead of Meeting With Biden – Reports

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An illustration picture taken in London on May 8, 2022, shows a gold plated souvenir cryptocurrency Tether (USDT) coin arranged beside a screen displaying US dollar notes. – Tether (USDT) is an Ethereum token known as a stablecoin that is pegged to the value of the US dollar, and is currently the largest stablecoin with a market value of USD 83 billion dollars. InternationalIndiaAfricaWASHINGTON (Sputnik) – US House Speaker Kevin McCarthy said that he will not support the extension of the national debt ceiling through September 30 ahead of his meeting with President Joe Biden in the afternoon, American press reported on Tuesday.McCarthy said he will not allow the debt ceiling to be increased without changes in public spending and wants to do it now rather than wait until the end of the fiscal year, the report said.The House speaker said it took Biden 97 days to come back to the discussion on the issue of the national debt ceiling that began on February 1.Biden is expected to meet with McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell later on Tuesday to discuss the raising of the US debt ceiling.AmericasUS Federal Deficit Reaches Almost $1 Trln as Biden Braces For Crunch Debt Ceiling Talks 06:23 GMTEarlier in May, the Treasury Department said the US government will likely begin defaulting on its debt by June 1 if the congressional limit on the country’s debt servicing is not raised by then.In late April, House Republicans passed legislation to raise the debt ceiling in exchange for cuts in federal spending and other measures to reduce the deficit. However, Senate Democrats and Biden rejected the proposal, saying it had no chance of becoming law. Inversely, McCarthy said that a “no-strings-attached” debt limit increase would not pass the lower chamber of Congress.

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