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Adeyemo: Biden Happy To Discuss "Credible" Ways To Reduce Debt

US

US Deputy Treasury Secretary Wally Adeyemo has told CNBC that President Biden would be “happy to discuss credible ways to reduce debts.”

  • Adeyemo’s comments are amongst the first from a Biden administration official suggesting that Biden may open negotiations on spending in return for raising the debt ceiling.
  • The White House has confirmed that Biden will meet with House Speaker Kevin McCarthy (R-CA) before Biden delivers his State of Union Address on February 8, but the White House stressed the meeting would not provide for government spending discussions and that Congress must raise the debt ceiling without conditions.
  • Senate Minority Leader Chuck Schumer (D-NY) has challenged McCarthy to release a plan on how the GOP will address debt obligations: “Until Speaker McCarthy has a plan and a plan that can pass in the House with his Republican support, his going to the White House is like going with no cards in his hand.”
  • Biden yesterday attacked "MAGA Republicans in the House of Representatives who are threatening to destroy [economic progress]," and vowed to veto any GOP legislation that reached his desk.
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