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HIROSHIMA, Japan, May 21 (Reuters) - U.S. President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss the debt ceiling on Monday, after a "productive" phone call as the president headed back to Washington, the two sides said on Sunday. Staff members from both sides will reconvene for talks at 6 p.m. (1800 GMT) on Sunday. A failure to lift the debt ceiling by that date would trigger a default that would cause chaos in financial markets and spike interest rates. SPENDING CUTSMcCarthy said Republicans backed an increase in the defense budget while cutting overall spending, and that debt ceiling talks have not included discussions about tax cuts passed under former President Donald Trump. McCarthy has said he will give House lawmakers 72 hours to review an agreement before bringing it up for a vote.

HIROSHIMA, Japan, May 21 (Reuters) - U.S. President Joe Biden and House Republican Speaker Kevin McCarthy will meet to discuss the debt limit on Monday after a "productive" phone call as the president headed back to Washington, the top House Republican leader said on Sunday. McCarthy, speaking to reporters following the call, said there were positive discussions on solving the crisis and that staff-level talks were set to resume later on Sunday. "Much of what they've already proposed is simply, quite frankly, unacceptable," Biden said before heading back to Washington. Kenny Holston/Pool via REUTERSA source familiar with the negotiations said Republicans had proposed an increase in defense spending, while cutting overall spending. The source said the Biden administration had proposed keeping non-defense discretionary spending flat for the next year.

The White House has not ruled out the annual spending caps that Republicans say must accompany any increase in the nation's $31.4 trillion debt limit. Republicans, who control the House, have said they will not vote to raise the debt ceiling unless Democrats agree to sharp spending cuts. BUDGET TALKSBiden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with House Republicans. House Republicans passed legislation in April that pairs a $1.5 trillion debt-ceiling hike with $4.8 trillion in spending cuts, largely achieved by cutting annual discretionary spending by 8% next year and capping growth in the years to come. The White House and Republicans may agree to ease permitting requirements for pipelines and other energy infrastructure - though that would require time to draft into legislation, said Brian Riedl, a fellow at the conservative Manhattan Institute.

The White House has not ruled out the annual spending caps that Republicans say must accompany any increase in the nation's $31.4 trillion debt limit. Republicans, who control the House, for their part, are not insisting on other conditions that the White House has deemed off limits, such as a repeal of the green-energy incentives in Biden's Inflation Reduction Act of 2022. Biden told reporters on Sunday that he thought both sides wanted to reach a deal. "I still think we're far apart," McCarthy told reporters. BUDGET TALKSBiden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with House Republicans.

Biden told reporters on Sunday that he thought both sides wanted to reach a deal. Staff from the two camps met through the weekend for talks that White House officials described as constructive. Republicans say there is plenty of time. Biden has insisted that Congress must increase the country's borrowing capacity without conditions, but the White House says it is also willing to discuss budget matters with Republicans who control the House of Representatives. The longer the two sides take to reach a deal, the smaller it is likely to be, he said.

WASHINGTON, Dec 3 (Reuters) - President Joe Biden's administration is mulling a proposal from Republican leader Kevin McCarthy to repeal the U.S. military's COVID-19 vaccine mandate, the White House said on Saturday. But the White House said Biden had agreed only to consider the idea. "Leader McCarthy raised this with the president and the president told him he would consider it," said White House spokesperson Olivia Dalton. McCarthy presented the vaccine mandate deal as a sign of how he would lead the House as speaker. He also rebutted conservative criticism over his attendance at a White House state dinner for French President Emmanuel Macron.

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