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Biden, McCarthy meeting ends with no deal on US debt ceiling
As the deadline looms, US President Joe Biden and House Speaker Kevin McCarthy were unable to finalize an agreement on how to raise the country's $31.4tn debt ceiling. While Biden pushed for new taxes for the wealthiest and phasing out tax loopholes for oil and pharmaceutical industries, McCarthy insisted on spending cuts to be made as per the 2024 federal budget.
As the deadline looms, US President Joe Biden and House Speaker Kevin McCarthy were unable to finalize an agreement on how to raise the country's $31.4tn debt ceiling. While Biden pushed for new taxes for the wealthiest and phasing out tax loopholes for oil and pharmaceutical industries, McCarthy insisted on spending cuts to be made as per the 2024 federal budget. 
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