The Speaker of the House of Representatives agreed to meet with President Joe Biden regarding the fears of bankruptcy that have increased under the burden of debt.
According to the world news organization, Kevin McCarthy, who was barely elected as the speaker after many times of voting because the number of government and opposition members in the US House of Representatives is more or less equal, finally decided to meet with President Joe Biden.
Regarding this unexpected meeting, the newly elected speaker said on a TV talk show that he will meet with President Joe Biden on Wednesday to discuss the country’s bankruptcy concerns and cut government expenditures.
Speaker Kevin McCarthy added that the United States will not default on its national debt, but government spending, which reached the $31.4 trillion spending limit in June. It must be assured by the Biden administration not to increase it, he added.
A speaker from Trump’s party warned that the government cannot spend more than it collects in taxes annually to pay for its spending. Similarly, the loan limit also needs to be fixed.
The opposition party, based on a numerical majority, has called for limits on new spending to curb annual deficits that exceed $1 trillion a year.