McCarthy Says Debt Limit Deal Needed This Week to Avoid Default

House Speaker Kevin McCarthy (R-Calif.) said a deal with the White House to raise the debt ceiling needs to be struck this week to avoid a U.S. default.

Ahead of his meeting later today with President Joe Biden, McCarthy told reporters on Capitol Hill that he believed it was "still possible" to get an agreement through Congress by June 1, when Treasury Secretary Janet Yellen has warned the government will be unable to pay its bills without a debt limit increase.

“We can get a deal tonight, we can get a deal tomorrow,” McCarthy said. "Decisions have to start being made.” 

McCarthy reiterated that House Republicans are pushing for spending cuts as part of any deal.

"We're going to spend less than we spent last year," McCarthy said. "We have to get the spending addiction to stop."

Punchbowl News reported that House Republican leadership is telling members to prepare for the possibility of votes on a debt limit deal over Memorial Day weekend.

Biden and McCarthy are scheduled to meet at 5:30 p.m. ET at the White House. Negotiators for both sides met Sunday night and earlier Monday.