Debt limit talks fail to yield agreement

House Speaker Kevin McCarthy, R-Calif., and President Joe Biden said Monday’s meeting was productive, even though they failed to agree on raising the U.S. government’s borrowing limit. That meeting followed another positive discussion Sunday. Treasury Secretary Janet Yellen said the government could begin defaulting on its debt as soon as June 1.

What’s holding back an agreement? McCarthy and his fellow Republicans have pushed for spending cuts that Biden has characterized as “extreme.” Republicans have also pushed for a six-year government spending cap, but the White House has demanded the cap only last for two years. Meanwhile, Biden has pushed for more taxes on the wealthy, which McCarthy opposes. Both leaders agree that the government won’t be allowed to default on its debt.

Dig deeper: Read John Schweiker Shelton’s column in WORLD Opinions about how leaders need to avoid mortgaging the future in the resolution of this debt ceiling debate.