May 22 (UPI) — President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are set to meet again to discuss ongoing negotiations over potentially raising the debt ceiling.
The Monday meeting is expected to occur at about 5:30 p.m. ET, with a deadline for a resolution fast approaching. Biden remained optimistic when he spoke about the discussions with McCarthy on Saturday but noted that progress has come in steps.
McCarthy shared his optimism on Monday, saying he felt “hopeful.” He clarified that there was still some distance between both sides.
Republicans have pushed to reduce spending on federal programs, while Biden and Democrats have called to meet the nation’s debt obligations without strings attached.
Spending cuts in the House speaker’s plan reportedly would continue during the next decade. It would include taking back non-obligated COVID-19 relief funds, blocking Biden’s proposed student loan forgiveness plan, increasing requirements for food assistance, and cutting tax cuts for clean energy programs.
Earlier on Sunday, McCarthy had announced on Twitter that the meeting would take place. At the time, Biden was in Hiroshima, Japan, to attend the G7 summit.
“Just got off the phone with the president while he’s out of the country,” McCarthy tweeted. “My position has not changed. Washington cannot continue to spend money we do not have at the expense of children and grandchildren. Tomorrow, he and I will meet in person to continue negotiations.”
As of Friday, the White House remained firm on rejecting cuts to federal programs as part of a debt ceiling agreement.
“I’m not going to agree to a deal that protects, for example, a $30 billion tax break for the oil industry, which made $200 billion last year, Biden said at the G7 summit. They don’t need an incentive of another $30 billion, while putting health care of 21 million Americans at risk by going after Medicaid,”
In an interview on Sunday, Treasury Secretary Janet Yellen said June is the “hard deadline” for the government to raise the debt ceiling and avoid default. She estimates that it is unlikely that the United States will be able to pay all of its bills through June 15 unless action is taken.
Lawmakers have raised the debt ceiling 78 times in the last 63 years, including 49 times under Republican presidents, according to the Treasury Department. The ceiling was raised three times during Donald Trump‘s four years in office.