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And heading into the meeting, kevin mccarthy said his ultimate goal was to try to get joe biden to at least acknowledge that they are going to have to work out some sort of deal with republicans in order to raise the debt ceiling. up to this point, the white house has said they will not negotiate, they want a clean debt ceiling. they point out that republicans raised the debt ceiling multiple times under president trump without conditions. but they need to get to a point where they are agreeing to negotiate so they can start noel negotiating. this is going to be a long process and the stakes couldn t be higher. melanie, thank you very much. i want to bring in chief correspondent katelyn collins, david chelian, and jeff zeleny. david, what do you make of what we just heard from the house speaker? he said it s possible there could be a deal between him and the president. that s certainly good news for the country to hear, that there is a path forward here. ....
reporter: now, we know heading into this meeting that the white house was really going to try to press kevin mccarthy on what exactly do republicans want to cut when it comes to spending? but the thing is, wolf, they have not come to an agreement on that yet. they did have a conference meeting earlier today where they talked about some broad principles. kevin mccarthy told reporters just now that he reiterated they don t want to cut social security and medicare, but they do want to cut back spending. there are a lot of different ways to do that and a lot of different debates how to get there. so this is going to be a process, and there is some frustration among republicans that they don t have a clear plan yet. i talked to one republican, dan crenshaw, a texas republican, he said he stood up this morning and demanded more specifics from leaders. but kevin mccarthy at this point, he wants to keep the conversation going. he says he doesn t want to negotiate in the press. so the plan go ....
Win this war on inflation. they re not ready to declare victory yet, but they are seeing real progress. this is the smallest rate hike since they began this process early last year, and so the fed is still delivering this tough medicine. it s just lowering the dosage a bit, which is good news, because it lowers the risk that they end up overmedicating the economy and they cause a recession. and during today s press conference, fed chair jerome powell says the disinflationary process has begun, but the fed is not done raising interest rates just yet. so what does all of this mean for everyday americans? well, interest rates are now at the highest level since the fall of 2007, before the great recession. that means borrowing costs will ....
Stories. important developments in the debt limit showdown right now. joe biden and house speaker kevin mccarthy just wrapped up a very high stakes meeting at the white house. their first face-to-face since mccarthy won the gavel. our reporter is on capitol hill with an update. melanie, what can you tell us about this meeting? reporter: there were no major breakthroughs in this meeting, but it was a very important first step in what is going to be a lengthy process. speaker kevin mccarthy emerged from the meeting saying it was positive and they were able to lay out their vision and that they were able to find some common ground. take a listen. i think our meeting was a good meeting. i don t want to put in any false perspectives. we both have different perspectives, but i thought this was a good meeting. we promised to continue the conversation. i think at the end of the day, we could find common ground. ....