House Speaker Kevin McCarthy said that he will be talking with President Joe Biden about raising the country's debt limit.
During an interview on CBS' "Face the Nation," McCarthy dismissed the idea that the US would default on its financial obligations.
According to McCarthy, the government won't default anytime soon. He noted that it would take until June to reach a deal.
He went after Democrats who are reportedly planning on raising the debt ceiling.
"Despite his assurances, McCarthy criticized Democrats for allegedly planning on raising the debt limit without actually addressing the country's problems."
During his interview, McCarthy also stated that there would be no cuts to Medicare and Social Security during the negotiations with Biden.
Despite his assurances, McCarthy noted that Republicans are still willing to strengthen the programs that are designed to help seniors. Biden's administration claimed that they would cut these programs as part of the negotiations.
"According to McCarthy, the president did not want to negotiate over the issue of spending cuts. He noted that he was still focused on finding a responsible solution to the country's financial problems."
The US reached its borrowing limit earlier this month. Despite McCarthy's assurances, it's still possible that the Treasury will run out of money in June. This would lead to the biggest threat of a debt default since the 2011 debt ceiling crisis.
The two parties are at a crossroads. Republicans and Democrats are demanding different things from one another.
Democrats want the president to sign a bill that includes spending cuts before the government can increase its borrowing limit. On the other hand, Republicans are demanding that the government must first commit to spending cuts.
Responding to a question about the possibility of extending the debt limit for a couple of months, McCarthy said that he would not negotiate. Instead, he said that he would like to meet with the president to talk about the issue.
The preceding is a summary of an article that originally appeared on Town Hall.