As Biden, McCarthy clash on US debt, what are differences?

There are stark differences in how President Joe Biden and House Speaker Kevin McCarthy want to shore up the government’s finances. The Democratic president primarily wants higher taxes on the wealthy to lower deficits; the GOP congressional leader favors sharp spending cuts. Staring down a fast-approaching deadline to raise the debt limit, they need to find some kind of common ground as they publicly jostle over the federal government’s $31.4 trillion in debt. It’s unclear how they can reconcile their competing visions while also achieving the levels of yearly deficit reduction both have said they want.