Democratic US President Joe Biden called on House Speaker Kevin McCarthy to outline this week the spending cuts Republicans want in exchange for votes to raise the government's debt ceiling
Biden urged the top congressional Republican to spell out his proposals before lawmakers leave Washington for a two-week recess set to start on Thursday.
McCarthy told CNBC earlier that he was prepared to lay out $4 trillion in spending cuts for Biden, if he would agree to meet. Republicans have not yet produced a budget plan of their own and could be weeks or months away from doing so. The political standoff, which has taken hold since Biden and McCarthy held an initial meeting in early February, has raised concerns in the financial markets about a possible U.S. debt default that could cripple the economy.
Members of the hardline House Freedom Caucus said McCarthy's letter paralleled their own spending proposals and claimed it showed adherence to a closed-door agreement with conservatives that allowed him to become speaker in January.
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