McCarthy Says Debt Deal Must Happen This Week to Avoid Default

Speaker to meet with Biden at White House Monday evening
‘Decisions have to start being made’ ahead of June 1 deadline

WATCH: House Speaker Kevin McCarthy he had a “productive” talk with President Joe Biden on the debt limit but have not yet reached a deal to avert a default. Source: Bloomberg

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By Billy House and Erik Wasson

May 22, 2023 at 5:34 PM UTC

Updated on

May 22, 2023 at 6:54 PM UTC

This article is for subscribers only.

House Speaker Kevin McCarthy said the two parties must strike a debt deal this week to avoid a catastrophic US default that could happen as soon as June 1.

McCarthy said debt-limit discussions Monday morning with White House negotiators were productive ahead of a planned meeting later in the day with President Joe Biden.