McCarthy says he'll meet this week with Biden to discuss debt ceiling

House Speaker Kevin McCarthy says he and President Biden will meet Wednesday to discuss raising the federal debt ceiling to keep the U.S. from defaulting on its bills.

McCarthy made the statement Sunday on CBS' "Face the Nation."

House Republicans, led by McCarthy, want to impose federal spending cuts to offset increasing the debt limit, an idea to which the White House has so far appears unreceptive. 

Biden and McCarthy have for weeks tried to set a date for such a meeting.

McCarthy on Sunday also said previously proposed cuts to Medicare and Social Security are now "off the table."