McCarthy: We do not have a default on national debt

(Washington, DC) -- House Speaker Kevin McCarthy doesn't think the U.S. will default on its debt.  

In an interview with CNBC, the Republican said he finally got President Biden to agree to negotiate over raising the debt limit following Tuesday's meeting at the White House.  Republicans are demanding spending cuts in exchange for their votes to increase the nation's borrowing limit. Aides to McCarthy and Biden are now directly negotiating a deal to avoid a default as early as June 1st.  

Meanwhile, President Biden is cutting short a visit to Asia as his administration works to finalize an agreement.