President Biden challenged House Speaker Kevin McCarthy over his position on the federal debt ceiling, saying, 'Show me your budget and I'll show you mine.'
"President Biden: I accept your invitation to sit down and discuss a responsible debt ceiling increase to address irresponsible government spending," McCarthy tweeted Friday afternoon."I look forward to our meeting."
On the same day, Biden confirmed to Politico that the discussion would be about the debt, however a White House official later insisted the meeting would be a"general" one and not debt ceiling-specific. The official repeated the administration's previously stated position that the debt ceiling was"not a negotiation."
U.S. Treasury Secretary Janet Yellen speaks during a meeting with Zambia's President Hakainde Hichilema at the State House in Lusaka, Zambia, Jan. 23, 2023.Biden"will negotiate" on the debt ceiling, with Sen. Ted Cruz, R-Texas, calling the president's anti-negotiating stance"unreasonable and ridiculous."
The growing U.S. national debt stands at $31.4 trillion while the federal government's annual budget is currently operating at $6.3 trillion, nearly $2 trillion more than what it spent annually prior to the coronavirus pandemic.
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