President Joe Biden and House Speaker Kevin McCarthy plan to meet again to discuss raising the national debt ceiling.   The statement was made by the speaker's office. On Jan. 19, the United States hit its national debt ceiling of $31.4T. Congress now has a short period (June 2023) to agree on a bipartisan deal that would see the U.S. lift its debt ceiling so that financial markets could continue to operate as usual. McCarthy, R-Calif., has stated that both he and Biden agree that the debt ceiling should be raised, but they don't agree on how the U.S. should approach the situation. McCarthy insists that the U.S. government should agree on spending cuts in order to win the Republican vote. The debt ceiling is a cause for debate among many critics who claim that the U.S. cannot sustain its continued rise. Others argue that this is necessary to pay for spending that has already been approved. If Congress were to fail to raise the national debt ceiling, it could cause a global crisis because investors around the world are tied to the U.S. financial market.