White House's Perspective on Debt Ceiling Standoff with McCarthy.

The White House and House Speaker Kevin McCarthy are negotiating in public over the debt ceiling standoff, with McCarthy proposing spending cuts in exchange for a one-year debt ceiling increase. The White House is confident that default can be avoided and holds the upper hand politically, attacking McCarthy's proposal as a "ransom note" and warning GOP moderates that voting to cut popular programs could be risky. The endgame is still unclear, but pressure may mount as the danger of default grows. Some Democrats are urging Biden to engage with McCarthy sooner rather than later, but the White House is open to a bipartisan deal on spending only after a clean debt ceiling increase is authorized.