McCarthy Says Not Interested In 'Political Games' With Biden On US Debt Ceiling

US House Speaker Kevin McCarthy said on Tuesday that he is not interested in playing political games with President Joe Biden over the nation's debt ceiling, as the two are set to meet on Wednesday to discuss the situation

WASHINGTON (UrduPoint News / Sputnik - 31st January, 2023) US House Speaker Kevin McCarthy said on Tuesday that he is not interested in playing political games with President Joe Biden over the nation's debt ceiling, as the two are set to meet on Wednesday to discuss the situation.

"Mr. President: I received your staff's memo. I'm not interested in political games. I'm coming to negotiate for the American people," McCarthy said via Twitter.

Earlier this month, US Treasury Secretary Janet Yellen warned that the US would soon reach its outstanding debt limit, with the Treasury now taking extraordinary measures to avoid a government debt default by temporarily suspending payments not immediately needed for essential programs.

The US national debt stands at approximately $31.

46 trillion, according to US Treasury Department data.

The White House on Tuesday released a memorandum announcing the Biden administration's intent to release a budget on March 9. The United States must never default on its financial obligations and raising the debt ceiling is "not a negotiation," the memo said.

Biden will ask McCarthy on Wednesday whether he is willing to commit to never defaulting on US financial obligations and when he plans on releasing the House Republican draft budget, the memo added.

Defaulting on the national debt could lead to a "spiraling recession," Yellen said. The Treasury Department can continue to meet the US' obligations until at least June 5, Yellen added.