President Joe Biden is set to meet with House Speaker Kevin McCarthy (R-Calif.) at the White House on Wednesday to discuss the federal budget and debt ceiling. Biden is expected to press McCarthy to provide a detailed list of spending proposals and to commit to the principle that the U.S. will never default. The White House will release its own budget in early March, and has urged McCarthy to do the same. McCarthy has responded to the memo, but has called Biden's demand for assurances that the U.S. won't default "irresponsible".