Speaker McCarthy says he will discuss debt ceiling and government spending with Biden on Wednesday
McCarthy said he wants Congress to examine 'every single dollar we're spending'
Fisher Investments founder and chairman Ken Fisher discusses Congress' handling of the debt ceiling and recession fears.
House Speaker Kevin McCarthy, R-Calif., said he will meet with President Biden at the White House on Wednesday to discuss raising the debt limit and cutting government spending.
"I know the president said he didn't want to have any discussions, but I think it's very important that our whole government is designed to find compromise," McCarthy said Sunday on CBS News' "Face the Nation." "I want to find a reasonable and a responsible way that we can lift the debt ceiling, but take control of this runaway spending."
Earlier this month, the U.S. bumped up against the debt ceiling, which is currently around $31.4 trillion, forcing the Treasury Department to deploy "extraordinary measures" to ensure that the government can continue to pay its bills.
President Biden returns to the White House on January 02, 2023, in Washington, DC. (Kevin Dietsch/Getty Images / Getty Images)
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McCarthy said Sunday that he wants to examine every government agency and "every single dollar we're spending," but said cuts to Medicare and Social Security are off the table.
"If you read our commitment to America, all we talk about is strengthening Medicare and Social Security," McCarthy said Sunday. "I know the president says he doesn't want to look at it, but we've got to make sure we strengthen those."
Speaker of the House Kevin McCarthy, R-Calif., speaks during a news conference in Statuary Hall at the Capitol in Washington, Thursday, Jan. 12, 2023. (AP Photo/Jose Luis Magana / AP Newsroom)
The Biden administration has drawn a red line at cuts to Social Security and Medicare, with White House spokesperson Andrew Bates accusing Republicans of trying to cut "vital lifelines for the middle class that Americans pay into throughout their lives."
"For years, congressional Republicans have advocated for slashing earned benefits using Washington code words like ‘strengthen,’ when their policies would privatize Medicare and Social Security, raise the retirement age, or cut benefits," Bates said in a statement.
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Congress last voted to raise the debt ceiling in December 2021. Treasury Secretary Janet Yellen projected that the government can pay its bills through early June.
Fox News' Patrick Ward contributed to this report.