President Joe Biden reportedly said on Sunday he expects to meet with congressional leaders on Tuesday for talks on the debt ceiling crisis. The President was earlier set to meet with House Speaker Kevin McCarthy and senior Congressional leaders on Friday but the meeting was postponed.
Speaking to reporters in Delaware, the President said he remained optimistic about agreeing on a deal, reported Reuters.
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“I remain optimistic because I’m a congenital optimist,” Biden said adding that he believed there was a desire on both sides to reach an agreement. “I think we'll be able to do it."
The President is scheduled to leave on Wednesday on a trip to Japan for a meeting of G7 leaders. Biden said he still planned on making the trip.
Spending Cuts: White House officials had reportedly acknowledged last week they must accept some spending cuts or strict limits on future spending if a deal is to be done while insisting they must preserve Biden’s signature climate legislation that passed along party lines last year.
The two sides are also discussing how long to push out the next potential debt ceiling showdown, the report added, citing sources. President Biden and Democrats would favor a two-year window, pushing any legislative action beyond the 2024 presidential election, the report said adding that they may have to agree to larger spending cuts or stricter limits to get more time.
Meanwhile, Treasury Secretary Janet Yellen, while speaking at the meeting of Group of Seven finance officials last week, reportedly said failure to avert a looming default would spark a global downturn, risk undermining U.S. global economic leadership and raise questions about its ability to defend national security interests.
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