Speaking to reporters at the White House Wednesday morning President Joe Biden gave an update on debt limit negotiations with House Speaker Kevin McCarthy and senior staff members.
During his remarks, Biden vowed the United States will not default and again argued negotiations are about the budget, not whether the debt limit will be increased.
"I’m confident that we’ll get the agreement on the budget and America will not default," Biden said.
After a meeting at the White House Tuesday afternoon, McCarthy told reporters there is still a "gap" on major issues, but that Biden had properly paired down the number of negotiators in the process by cutting out House Minority Leader Hakeem Jeffries and Senate Minority Leader Mitch McConnell.
House Republicans have acted to responsibly raise the debt limit. Only 16 days remain until President Biden becomes the first president in American history to default on the national debt. https://t.co/v8NXVRKXRM
— Kevin McCarthy (@SpeakerMcCarthy) May 16, 2023
During an interview with CNBC prior to Biden's remarks, McCarthy again reiterated the tight timeline both sides are on after the White House refused to negotiate for months.
After months of delay and wasted time from President Biden, negotiations are finally underway for a responsible debt limit increase.
— Kevin McCarthy (@SpeakerMcCarthy) May 17, 2023
He has 16 days to avoid being the first president to default on the national debt. pic.twitter.com/1CZ0lsPcDA
"The President should appoint either himself or people from his administration to negotiate directly with myself. The challenge here is the President waited 104 days until he came to this conclusion," says @SpeakerMcCarthy on the debt ceiling. "The timeline is very short." pic.twitter.com/5iXeKFvz0I
— Squawk Box (@SquawkCNBC) May 17, 2023
Biden is headed to the G7 today and will cut his trip short in order to return to Washington and continue negotiations on Sunday. He will also hold a press conference upon arrival at the White House.