Biden, McCarthy meeting ends without deal on debt

Serious differences: McCarthy speaks to reporters outside his office following his discussions at the White House with President Biden. Agreement has yet to be reached on the impasse over the government’s debt ceiling. — AP

WASHINGTON: President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement on Monday on how to raise the US government’s US$31.4 trillion (RM143 trillion) debt ceiling, just 10 days before a possible default that could sink the US economy, but they vowed to keep talking.

The Democratic president and the top congressional Republican have struggled to make a deal as McCarthy pressures the White House to agree to spending cuts in the federal budget that Biden considers “extreme,” and the president pushes new taxes that the Republicans have rejected.