There Will Be No Default, McCarthy Says

Saying he'll meet with President Biden on Wednesday, House Speaker Kevin McCarthy on Sunday discounted the chances of the US defaulting on its debt. The two will look for a "reasonable and responsible" way to lift the debt ceiling and cut spending, McCarthy said on CBS' Face the Nation. Republicans have said they want spending cuts to come out of the debt ceiling talks, which clashes with Biden's plans, USA Today reports. "I will not let anyone use the full faith and credit of the United States as a bargaining chip," Biden said in a speech Thursday. "In the United States of America we pay our debts."

Any cuts won't include Social Security and Medicare. "Let’s take those off the table," McCarthy said. The defense budget is fair game, however, he said, per Politico. The government has hit its official borrowing limit, but the new speaker said the Treasury Department will be able to pay the bills until June, per the Hill. "There will not be a default," McCarthy insisted. Of his talks with Biden, he said, "His staff tries to say something different, but I think the president will be willing to make an agreement together." (More debt ceiling stories.)