May 23, 2023
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0:55Now PlayingSpeaker Kevin McCarthy said debt ceiling negotiations focused on "where we're having disagreements and ideas" as party leaders seek compromise.
RELATEDJoe Biden cuts trip short to meet Kevin McCarthy for debt limit talks
President Joe Biden and House Speaker Kevin McCarthy appeared to make progress but did not reach an agreement during a pivotal White House meeting Monday evening on raising the debt ceiling 10 days before a potential default.
The high-stakes Oval Office meeting, which lasted about an hour, came after negotiations took a step backwards over the weekend amid long-standing disagreements on spending cuts sought by Republicans.
McCarthy commended the "professionalism" and "honesty" in the meeting but it wasn't immediately clear which areas produced headway. McCarthy said he's unwilling to consider tax increases on the wealthy, which Biden supports, or defense cuts pushed by some liberal Democrats.
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