McCarthy sees no progress at debt talks; Biden says default ‘not an option’

The US president says he is ‘absolutely’ certain America will meet its debt obligations

Biden will meet congressional leaders again on Friday, in another attempt to end the political stand-off

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US House Speaker Kevin McCarthy speaks to reporters outside the West Wing following debt limit talks with President Joe Biden on Tuesday. Photo: Reuters

Published: 6:38am, 10 May 2023Updated: 8:00am, 10 May 2023

House Speaker Kevin McCarthy said there was no progress in efforts to avert a first-ever US default during an hour-long meeting with President Joe Biden and other congressional leaders.

“I didn’t see any new movement,” McCarthy told reporters on Tuesday afternoon at the White House following his first meeting with the president on the debt ceiling since February 1.

Biden, on the other hand, described the talks as “productive”, saying he was “absolutely certain” that the country could avert a default and declaring that failure to meet America’s obligations “is not an option”.

Lawmakers and their staff were to continue discussions as soon as Tuesday evening on the annual federal budget at Biden’s encouragement. Biden and the congressional leaders are to meet again on Friday.

US Speaker of the House Kevin McCarthy (left) and Senate Majority Leader Chuck Schumer (right) listen as President Joe Biden speaks before a meeting on the debt limit in the Oval Office on Tuesday. Photo: AP

Tuesday’s Oval Office meeting came hours after both made clear they are not interested in a short-term debt-limit extension.