McCarthy Not Optimistic About Reaching Debt Limit Deal On Tuesday

House Speaker Kevin McCarthy did not seem optimistic about a debt ceiling deal as he left the Capitol on a Tuesday afternoon.

Fox News asked the speaker whether he believed a deal will be reached on Tuesday.

McCarthy said, “I don’t think we’ll get one today,” as he walked by the reporter.

McCarthy’s destination after leaving the Capitol is unclear.

McCarthy met with President Biden Monday and, although he called the meeting “productive”, he said at a conference that evening that the White House is still “dug-in” to raising taxes and increasing expenditure.

The meeting on Monday was the third meeting between the president and the group to find a common ground for moving forward in a debt ceiling agreement.

A deal is still pending, even though the U.S. Government has only nine days before it runs out of money to meet its current obligations.

Democrats insist on raising the limit of debt without any conditions. Republicans, however, are supporting the Limit, Save, Grow Act, passed by the House, which would raise the federal borrowing cap by $1.5 trillion, while also cutting spending by approximately $150 billion between this year and next.

Both sides agree that there is a need to reduce the debt, but they have different ideas on how to achieve it. Republicans want to cut the spending to today’s level, while Democrats are calling for an increase in tax revenue, especially from large corporations and the ultra-wealthy.