OnPolitics: Could Biden, McCarthy reach a compromise? Here's how their plans compare

Hi there, OnPolitics readers.

President Joe Biden and House Speaker Kevin McCarthy, R-Calif., meet today to try to restart debt ceiling negotiations as the nation hurdles towards a potentially catastrophic default.

Top congressional leaders, including Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell, are set to join the two.

But how likely is it that they resolve the stalled talks as both stand by their own plans? Is there any room for compromise?

Well, Paste BN political reporter Maureen Groppe and graphics editor Javier Zarracina break down how their plans compare:

What to know: Republicans want to cut spending while Biden wants to spend more. Biden wants to raise some taxes to make up for his increased spending, which the GOP doesn't like.

Currently, the government is spending 29% more this year than it will earn in revenue, and the measured share of the economy – spending, revenue and the deficit – are larger now than they’ve been on average for the last 50 years.

And now, the debt could reach a record high of 118% of the GDP by 2023 if no policy changes are made.

Biden’s plan: The president’s plan would cut the deficit by about $3 trillion over the next decade – despite proposing increased spending in some areas, which would be countered by proposed tax increases and savings.

The GOP's plan: Under the bill House Republicans passed in April, the deficit would be cut by about $4.8 trillion over the next decade. But the plan includes cancelling the increase in IRS funding approved by Democrats last year, which would ultimately cost more in lost tax revenue than it would save.

👁️‍🗨️ Keep reading: Debt limit crisis has Biden and GOP divided. Here's how their plans to fix things compare.

🚑 'The coming weeks are critical': Bipartisan Policy Center estimates earlier 'X-Date' for US default

🚨 ICYMI: 'The luxury of shuttle diplomacy': McConnell could use ties to McCarthy and Biden to end debt fight

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