Kevin McCarthy, House Speaker (R-Calif.), plans to meet with President Biden on Wednesday to negotiate a debt ceiling increase in exchange for reduced federal spending. He aims for a “reasonable and responsible” solution that controls excessive spending but won’t affect Social Security or Medicare.

Although cuts to defense spending have not been ruled out, some Republicans have opposed them. This follows a rising public dispute between the Speaker, the White House, and Senate Democrats on the country’s $31.4 trillion debt limit that’s expected to reach its limit in June. The White House confirmed the meeting in a statement by spokesperson Michael A. Kikukawa. The meeting will be for “discussion on a range of issues.”

The White House’s statement suggested that a deal between Biden and McCarthy is unlikely. Biden will inquire about McCarthy’s plan and the impact of the GOP’s first bill, which eliminates funding for new IRS hires, on the deficit. He will also ask if McCarthy intends to fulfill his constitutional duty to prevent a national default.

Biden has warned that the country’s recent economic gains are at risk due to GOP resistance to raising the debt ceiling. He has threatened to veto any bill that would cause chaos after the progress made and has emphasized that the U.S. pays its debts. Treasury Secretary Yellen also warned of “irreparable harm” to the economy if the debt limit isn’t raised. Failure to do so could result in a default, triggering a major panic on Wall Street and widespread job losses, according to economists.