McCarthy: US Will Not Default on Debt

House Speaker Kevin McCarthy, R-Calif., said Sunday that the U.S. would not default on its debt.

"We're not going to default. This won't come to fruition until sometime in June," McCarthy told CBS's "Face the Nation," adding that the Democrats' proposal to raise the debt limit is "really irresponsible."

Earlier this month, the U.S. hit its technical borrowing limit of approximately $31.4 trillion. However, the Treasury will be able to keep paying the government's bills until sometime in June. Legislators plan to negotiate a deal to raise the debt ceiling, which would enable the government to take on more debt.

However, it seems that Republican and Democrat positions are far apart. The White House wants the debt ceiling increased with no spending cuts, while Republicans and some Democrats want the White House to commit to cutting spending before an agreement on raising the debt ceiling can be reached.

"The responsible thing to do is sit down like two adults and start having that discussion," McCarthy said.

McCarthy added that a meeting with President Joe Biden will be held on Wednesday.

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