On Wednesday, President Joe Biden and House Minority Leader Kevin McCarthy will meet to discuss the debt limit and spending. The talks come as Senate Republicans have said they are happy to sit out the debt limit talks for now.

McCarthy has said there will be no default and that he and Biden will discuss the debt ceiling, spending, and other GOP committee assignments. He made the comments during an appearance on Face the Nation.

The talks come as the US debt has reached a record high. The Treasury Department has warned that the US could default on its debt by the end of July if Congress does not raise or suspend the debt limit.

Biden and McCarthy will be joined by Treasury Secretary Janet Yellen, White House Chief of Staff Ron Klain, and other top White House aides. It is unclear what outcome the talks will have, but it is expected that the two sides will try to reach a compromise on the debt limit.

The talks come as Congress is struggling to reach a deal on the next round of stimulus spending. The House passed a bill last week that would provide $1.9 trillion in relief, but the Senate is expected to pass a smaller package. It is unclear if the talks on Wednesday will address the issue of stimulus spending.

The talks are being closely watched by financial markets, as investors are worried about the potential impacts of a US default. It remains to be seen if the talks will be successful in avoiding a default and helping to stabilize the US economy.