On Wednesday, Speaker Kevin McCarthy (Republican from California) left a meeting to meet with President Biden. He expressed optimism about the prospects of an agreement between Congress and the White House to avoid a default government. However, neither side made any commitments.

“I don’t want to speak any more. McCarthy stated that McCarthy and he had a good hour of discussion about the topic. McCarthy said that he would continue the conversation. McCarthy said that he believes there is an opportunity to reach an agreement on both the sides.

McCarthy acknowledged that Biden and he had different views on the debt limit, but he didn’t go into detail, saying he wouldn’t negotiate through the media. Biden and White House officials said Congress should increase the debt limit without conditions. However, some Republicans argue that any vote to raise it should include cuts in government spending.

One compromise suggestion that was being considered by the Speaker was rejected by the Speaker. This would have allowed Congress to vote to increase the debt limit in return for the creation a commission to study ways to reduce spending.

“I don’t need a commission telling me where there’s fraud, waste or abuse. McCarthy stated that there is no need for a commission to inform us of excessive spending.

In a readout of the meeting, the White House stated that Biden and McCarthy had a “frank and straightforward dialog.” Biden also indicated that he would be open to a “separate conversation” with Congress regarding ways to reduce deficit.

The White House stated that President Biden had made it clear that Congress, like all other leaders in Congress, has an obligation to not allow an unprecedented economic and catastrophic default. The United States Constitution makes this clear, and the American people expect Congress will fulfill it in the same manner as his predecessors. It is neither negotiable nor conditional.”

This meeting was the first of a long series that is expected to end in early summer. If Congress doesn’t raise the debt limit, the government could default by June. This could send the U.S. economy spiraling. The debt ceiling allows government to pay for existing spending commitments, but not future spending.

McCarthy refused to make any commitments that the U.S. would never default. The White House stated that Biden would request McCarthy to do this ahead of the meeting. He spoke positively about his meeting with President Obama, despite the fact that it came after days and days of grandstanding between McCarthy and White House officials.

McCarthy stated, “There is nothing that I believe will prevent us from reaching an agreement.”

The meeting on Wednesday lasted approximately an hour. McCarthy stated that the meeting was mainly focused on the debt ceiling. McCarthy stated that he didn’t speak to President Obama about classified documents found at his old office and residence, which are the subject of House GOP investigations.

This was the first time Biden or McCarthy had sat down together since McCarthy assumed the role of Speaker last month when Republicans controlled the House.

The White House circulated prior to the meeting a memo from Brian Deese, National Economic Council Director, and Shalanda Young, Office of Management and Budget Director Shalanda Youth stating that Biden would press McCarthy for a commitment that the U.S. would never default and that he would release a budget proposal for the House Republicans.

McCarthy has been criticized by the White House for asserting that the GOP wants Medicare and Social Security to be strengthened. However, some members of McCarthy’s party believe these programs need to be reform to balance the budget.

“After months spent advocating for the reduction of Medicare and Social Security benefits for Medicare, Congressional Republicans owe America an answer: Will you match President Biden? And will you release your economic plan for the country? Andrew Bates, a spokesperson for the White House, stated that yes or no was his answer in a statement released Wednesday before the meeting.

Biden also attempted to undermine GOP arguments that the GOP wants to balance the budget. He pointed out that Trump’s predecessor added trillions to the federal debt during his term, while Biden has reduced the deficit by approximately $1 trillion.

McCarthy rejected the notion that conservatives are unable to be credible on this issue by arguing that discretionary expenditure has increased despite Democrats being the majority in the House for the past four years.

McCarthy stated that he was not at a position to point fingers. He is in a position of being Speaker of House. My role is to ensure that we have a responsible, sensible ability to raise our debt ceiling but not to continue with this reckless spending.”