(The Center Square) – President Joe Biden and U.S. House Speaker Kevin McCarthy are expected to meet Monday after debt talks faltered over the weekend.
Both Biden and McCarthy, R-Calif., have said they want the U.S. to be able to continue to pay its bills 10 days ahead of a deadline for a default. But the two remain at odds over how to get there.
U.S. Treasury Secretary Janet Yellen has said lawmakers must raise the debt ceiling by June 1 or risk a default on U.S. debt obligations. When exactly the U.S. will run out of money remains uncertain.
Yellen said June 1 remains a “hard deadline” on Sunday on NBC’s “Meet the Press.” She was not optimistic about potential plans for Biden to use the 14th Amendment to raise the debt limit unilaterally.
It “doesn’t seem like something that could be appropriately used in these circumstances, given the legal uncertainty around it, and given the tight time frame we’re on,” she said.
The debt ceiling is the maximum amount of debt the U.S. Department of the Treasury can issue.
Ahead of Monday’s meeting, McCarthy said that he wasn’t willing to compromise on spending.
“My position has not changed,” he wrote on Twitter on Sunday. “Washington cannot continue to spend money we do not have at the expense of children and grandchildren.”
Biden said Sunday that any agreement must have support from both parties.
“And it’s time for Republicans to accept that there is no bipartisan deal to be made solely – solely on their partisan terms,” he said.
The president also said default wasn’t an option.
“America has never defaulted – never defaulted on our debt, and it never will,” he said.
Both sides said talks would continue Monday.