President Biden and House Speaker Kevin McCarthy will meet face-to-face Wednesday afternoon as part of high-stakes talks to come to an agreement over extending the country’s debt ceiling to stave off a looming financial crisis. 

In the weeks leading up to the meeting, the White House and House Republicans have staked out their positions.

Biden has said he refuses to negotiate the debt ceiling and has called on McCarthy and his Republican colleagues to show their cards on how they plan to reduce spending. 

“Show me your budget, I’ll show you mine,” the president told reporters on Monday. 

McCarthy, elected speaker in a combative four-day, 15-ballot vote last month, has asserted that cuts to Social Security and Medicare are off the table and wants to reach a budget-cap agreement to reduce federal spending to 2022 levels, Punchbowl News reported.