According to Brian Deese, Biden's top economic advisor, lawmakers should not use the debt limit as a bargaining chip.
Biden's Stance on Debt Limit
Deese stated that the United States' principle of meeting all its financial obligations is not negotiable and questioned whether it could result in severe economic consequences. The U.S. government reached its $31.4 trillion debt ceiling last month and may be unable to avoid default after early June.
Biden's Meeting with Speaker McCarthy
Biden met with Republican U.S. House of Representatives Speaker Kevin McCarthy last week to discuss the path forward on the debt limit. The White House has stated that Biden will discuss federal spending cuts with Republicans after the debt ceiling is lifted. In contrast, McCarthy has said Republicans would only lift the ceiling if Biden agrees to spend cuts.
Biden's Discussion on Fiscal Priorities
Biden will express his openness and eagerness to have a serious conversation about the country's fiscal and economic priorities and ways to lower costs for families while continuing to invest in manufacturing jobs.
