House Speaker Kevin McCarthy (R-Calif.) and President Joe Biden clearly defined their areas of disagreement over raising the debt ceiling and cutting federal spending, paving the way for negotiators from both sides to iron out a deal.
Emerging from a 90-minute conversation at the White House on May 22, McCarthy described the meeting in positive terms. The speaker also told reporters he believed an agreement could be passed through Congress before the country defaults on its debt, which could happen as early as June 1.
