On Monday May 8th, President Biden met with the House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer, Senate Minority Leader Mitch McConnell about the debt limit that in the up-coming weeks will reach default. According to experts, it could lead to job cuts, surge is tax receipts on businesses, and a recession similar to the disaster of 2008. Speaker McCarthy had this to say when asked about if he would raise the debt limit for a few months for further negotiations between the two sides, “No. We should just get this done now.” President Biden was asked how he thought the meeting went and he said, “The meeting was productive, but I will not approve on massive spending cuts.”

The current issue between Republicans and Democrats is that McCarthy will agree to raise the debt limit if Democrats cut spending. President Biden and other Democrats are fighting to have the Debt Limit raised with no strings attached. The President is also trying to let the Senate vote on raising the debt ceiling without worrying about spending cuts. Senator Mitch McConnell had this to say, “The United States of America is not gonna default,” whilst standing beside fellow Republican McCarthy.