President Biden to Speaker McCarthy: Say You Won’t Default on US Debt

President Joe Biden wants to avoid a default on U.S. financial obligations while spending an estimated $421 billion more than projected revenues this year. House Speaker Kevin McCarthy (R-Calif.) wants to balance the nation’s budget and reduce federal spending.
In advance of a February 1 meeting between the two, the White House released a memo doubling down on the president’s commitment to raising the debt ceiling and calling Republicans to clearly state their plan for reducing spending.
Authored by Brian Deese, director of the National Economic Council, and Shalanda Young, director of the Office of Management and Budget, the Jan. 30 memo addressed to “Interested Parties” states the president’s objectives for the upcoming meeting….}