Biden: America’s debt default would be an unprecedented ‎financial disaster

President Joe Biden pledged to have a “discussion” with House Speaker Kevin McCarthy about US debt amid a looming debate over raising the debt ceiling.

Biden said during an event with the mayors of cities that the failure of the United States to pay the debts would be an unprecedented catastrophe in financial terms in the United States.

“The debt that we pay has accumulated over 200 years, and we will have a simple discussion about that with the new majority leader in the House of Representatives,” Biden said, without mentioning McCarthy by name.

Biden did not give details about the date of his talks with McCarthy, a Republican who was newly appointed speaker of the House of Representatives and wants to tie a vote to raise the debt ceiling to government spending cuts.

McCarthy said in a tweet directed at Biden that he accepted his invitation to “sit down and discuss a responsible increase in the debt ceiling to address irresponsible government spending.”

White House spokeswoman Karen Jean-Pierre said in a statement that Biden looks forward to meeting with McCarthy “to discuss a range of issues” as part of a number of meetings he is holding with new leaders in Congress.

“As the president has said many times, raising the debt ceiling is not a negotiation, it is an obligation of this country and its leaders to avoid economic chaos,” she said.

Biden hosts Democratic congressional leaders at the White House on Tuesday. A White House official said no date had been set for McCarthy’s visit

The White House has repeatedly said it will not negotiate raising the debt ceiling and has used some Republican proposals to cut spending to show inconsistency with Democrats’ priorities.

“With regard to the broad economic debate in our country, the speaker of the House of Representatives and his allies said that they have a fiscal plan to cut social insurance, cut health care, cut other important programs and impose a general sales tax of 30 percent,” Jean-Pierre said, referring to network programs. American Social Insurance

She added, “We will have a clear discussion about two different visions for the country, one that reduces social security and the other that protects it, and the president will be happy to discuss that with the Speaker of Parliament.”