He told reporters after returning to the Capitol that Steve Ricchetti, adviser to the president, and Office of Management and Budget Director Shalanda Young will negotiate on behalf of Biden, while Rep. Garret Graves, R-La., and McCarthy aides will represent the speaker.
“Nothing has been resolved in these negotiations. So the only thing that has changed is that we finally have a format that has been proven to work in the past years,” he said.
McCarthy said negotiators have not yet agreed on the length of the debt limit increase, but suggested that savings of less than the $4.8 trillion in the House-passed bill would not convince Republicans to raise the debt limit by more. more than a $1.5 trillion increase in their bill.
“Anytime someone wants to raise the debt ceiling, show me where you want to save more,” he said. “If we’re going to save $5 trillion to raise the debt ceiling and you want to take a long time, you also have to be open to doing a lot of things.”
After the meeting at the White House, McConnell said he would do his part to get any deal they reach over the finish line. “I’m ready to try to give as much of my conference as I can for whatever the speaker and the president agree to that we know will get a signature,” he said.