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Right now, the US national debt is at over $31 trillion and getting higher by the second. Part of what's feeding this debt is rampant spending and borrowing that our nation can't afford. On a consistent basis, Democrats push for more and more expenditures while seemingly giving the rising national debt little thought. However, the debt has reached a point where the American government could very well end up defaulting and not being able to pay its bills. Democrats are largely advocating for raising the debt ceiling. They claim there's no feasible path forward and believe Republicans who don't support this aren't seeing reason. Meanwhile, Republicans are widely supportive of cutting spending in order to help pull the United States back from the brink. Later this week, Joe Biden and House Speaker Kevin McCarthy are set to convene for talks about the national debt and feasible solutions.

What to know about the upcoming meeting

Wednesday, February 1 is when the president and House Speaker are scheduled to sit down with one another. According to McCarthy, he wants to find the delicate balance between slightly moving up the debt ceiling, while also getting a hold on "runaway spending." Meanwhile, the Biden administration is showing zero willingness to negotiate. This thereby brings into question how much progress one can realistically expect from Wednesday's meeting. The White House has already gone on record claiming that it's not amenable to negotiations pertaining to the increase of the debt ceiling. Though without any sort of compromise - and with Congress evenly split between Republicans controlling the House and Democrats controlling the Senate - gridlock could lead to a default on the debt. In additional statements, McCarthy told the media that passing a budget is imperative. However, the House Speaker also stressed the levels of spending that triggered America's current inflation crisis cannot proceed.

More from the White House on Wednesday's meeting

The Biden administration claims moving up the debt ceiling is something US leaders remain "obligated" to do in order to avoid economic disaster. White House press secretary Karine Jean-Pierre also said when Biden meets with McCarthy this week, he'll be open to discussing a variety of issues.