On this "Face the Nation" broadcast, moderated by Margaret Brennan: House Speaker Kevin McCarthy Sens. Mark Warner of Virginia and Marco Rubio of Florida Democratic Rep. Val Demings of Florida Click here to browse full transcripts of "Face the Nation. " MARGARET BRENNAN: I'm Margaret Brennan in Washington. And this week: our exclusive interview with new House Speaker Kevin McCarthy, plus a rare joint conversation with the chairs of the Senate Intelligence Committee, only on Face the Nation. Coming soon: the first face-to-face meeting in the new Congress between President Biden and Speaker McCarthy, the main topic on the agenda, paying America's bills and getting the country's fiscal house in order. We will ask the speaker about what he thinks Congress should do to keep the U. S. from defaulting. (Begin VT) JOE BIDEN (President of the United States): If Republicans want to work together on real solutions, I'm ready. But I will not let anyone use the full faith and credit of the United States as a bargaining chip. (End VT) MARGARET BRENNAN: We will also hear from Virginia Democrat Mark Warner and Florida Republican Marco Rubio, the chair and vice chair of the Senate Intelligence Committee, and get their thoughts on all those classified documents turning up where they shouldn't. Plus, the one issue they think Congress can get bipartisan agreement on? Curbing the threat from China. (Begin VT) SENATOR MARCO RUBIO (R-Florida): The Chinese have found a way to use capitalism against us. SENATOR MARK WARNER (D-Virginia): In this technology race, second place is not good enough for us. (End VT) (Begin VT) PROTESTERS: Justice for Tyre! (End VT) MARGARET BRENNAN: Then: Mostly peaceful protests spread across the country after the release of videos showing Tyre Nichols' deadly encounter with five Memphis police officers now charged with murder. We will talk about policing in America with former Orlando Police Chief and Congresswoman Val Demings. It's all just ahead on Face the Nation. Good morning, and welcome to Face the Nation. We have a lot to get to this morning, including the latest on the evolving situation in Memphis. But we begin with the new speaker of the House, California Republican Congressman Kevin McCarthy, who is second in the presidential line of succession. Mr. Speaker, good morning to you. REPRESENTATIVE KEVIN MCCARTHY (R-California): Good morning. Thanks for having me back in studio. MARGARET BRENNAN: It must be sobering to hear that reminder. REPRESENTATIVE KEVIN MCCARTHY: Well, it took me a little while to get there, but it feels good. (LAUGHTER) MARGARET BRENNAN: Well, you are here now at this key moment in time. And I want to get to some of the top agenda items. You have accepted an invitation to meet with President Biden. When will that happen, and what offer will you put on the table? REPRESENTATIVE KEVIN MCCARTHY: Well, we're going to meet this Wednesday. I know the president said he didn't want to have any discussions, but I think it's very important that our whole government is designed to find compromise. I want to find a reasonable and a responsible way that we can lift the debt ceiling, but take control of this runaway spending. I mean, if you look at the last four years, the Democrats have increased spending by 30 percent, $400 billion. We're at a 120 percent of GDP. We haven't been in this place to debt since World War 2. So we can't continue down this path. And I don't think there's anyone in America who doesn't agree that there's some wasteful Washington spending that we can eliminate. MARGARET BRENNAN: Mm-hmm. REPRESENTATIVE KEVIN MCCARTHY: So, I want to sit down together, work out an agreement that we can move forward to put us on a path to balance, at the same time, not put any -- any of our debt in jeopardy at the same time. MARGARET BRENNAN: But avoid a default, in other words? REPRESENTATIVE KEVIN MCCARTHY: Yes. MARGARET BRENNAN: But do you have any indication that the president is willing to discuss both lifting the debt ceiling and the issue of future spending? REPRESENTATIVE KEVIN MCCARTHY: Well, if he's changed his mind from his whole time in the Senate and vice president before -- I mean, he literally led the talks in 2011 and he praised having those talks. This is what he's always done in the past. And if he listens to the American public, more than 74 percent believe we need to sit down and find ways to eliminate this wasteful spending in Washington. So, I don't believe he would change his behavior from before, and I know there's a willingness on our side to find a way that we can find a reasonable and responsible way to get this done. MARGARET BRENNAN: But, right, I mean, you know why I'm asking that. . . REPRESENTATIVE KEVIN MCCARTHY: Yes. MARGARET BRENNAN: . . . in terms of not linking one as leverage for the other. REPRESENTATIVE KEVIN MCCARTHY: Yes. Well, in my first conversation -- and, to be fair, the president, when he called me to congratulate winning speaker, this is one of the first things I brought up to him. And he said we'd sit down together. Now, I know his staff tries to say something different, but I think the president is going to be willing to make an agreement together. MARGARET BRENNAN: Well, we'll watch for that on Wednesday. REPRESENTATIVE KEVIN MCCARTHY: I'm hopeful, yes. MARGARET BRENNAN: I want to dig into what you are willing to put on the table because Republicans campaigned on fiscal responsibility. You promised you won't spend more next year than you did last year. Are you willing to consider any reductions to Social Security and Medicare? REPRESENTATIVE KEVIN MCCARTHY: No. Let's take those off the table. We want to. . . MARGARET BRENNAN: Completely? REPRESENTATIVE KEVIN MCCARTHY: Yes. I mean, if you read our commitment to America, all we talk about is strengthening Medicare and Social Security. So -- and I know the president says he doesn't want to look at it, but we've got to make sure we strengthen those. I think. . . MARGARET BRENNAN: What do you mean by strengthen them? You mean lift the retirement age, for example? REPRESENTATIVE KEVIN MCCARTHY: No, no, no. What I'm talking about, Social Security and Medicare, you keep that to the side. What I want to look at is, they've increased spending by 30 percent, $400 billion, in four years. When you look at what they have done, adding $10 trillion of debt for the next 10 years in the short time period, if you just look a month ago, they went through and they never even passed a bill through appropriations in the Senate. While Mr. Schumer has been leader, he's never passed a budget. He's never passed the appropriation bill. He simply waits to the -- to the end of the year and allowed two senators who are no longer here to write a $1. 7 trillion omnibus bill. I think we. . . MARGARET BRENNAN: You want to work with Democrats to come to agreement on a budget? REPRESENTATIVE KEVIN MCCARTHY: Yes. MARGARET BRENNAN: Is that what you're saying? REPRESENTATIVE KEVIN MCCARTHY: Yes, I -- I first think our very first responsibility, we both should have to pass a budget. We both should have to pass the appropriations bill, so the country can see the direction we're going. But you cannot continue the spending that has brought this inflation, that has brought our economic problems. We've got to get our spending under control. MARGARET BRENNAN: OK, just fact-check, though, 25 percent of the debt was incurred during the last four years of the Trump presidency. I mean, this is cumulative debt over many, many years. REPRESENTATIVE KEVIN MCCARTHY: Yes, well, over the short -- this time period. MARGARET BRENNAN: Yes. REPRESENTATIVE KEVIN MCCARTHY: But you've also found that you had a pandemic. MARGARET BRENNAN: Right. REPRESENTATIVE KEVIN MCCARTHY: And, as that pandemic comes down, those programs leave. I have watched the president say he cut it. No, it is spending $500 billion more than what was projected. They have spent more. And we've got to stop the waste. MARGARET BRENNAN: Is defense spending on the table? REPRESENTATIVE KEVIN MCCARTHY: Well, look, I -- I want to make sure we're protected in our defense spending, but I want to make sure it's effective and efficient. I want to look at every single dollar we're spending, no matter where it's being spent. I want to eliminate waste wherever it is. MARGARET BRENNAN: But when you became speaker, you did come to that agreement I have referenced of capping '24 spending at '22 levels. REPRESENTATIVE KEVIN MCCARTHY: Well, look, listen. . . MARGARET BRENNAN: So that would call for reductions. REPRESENTATIVE KEVIN MCCARTHY: Well, I mean, look, you're going to tell me, inside defense, there's no waste? Others? I mean. . . (CROSSTALK) MARGARET BRENNAN: So defense spending is up for negotiation? REPRESENTATIVE KEVIN MCCARTHY: They spend a lot of -- I think everything, when you look at discretionary, is sitting there. It's like every single household. It's like every single state. We shouldn't just print more money. We should balance our budget. So I want to look at every single department. Where can we become more efficient, more effective, and more accountable? That should be. . . MARGARET BRENNAN: So, more efficiencies in Social Security and Medicare as well? REPRESENTATIVE KEVIN MCCARTHY: The one thing I want to say, we take Social Security. . . MARGARET BRENNAN: Completely? REPRESENTATIVE KEVIN MCCARTHY: . . . and Medicare off the table. MARGARET BRENNAN: Would you support a short-term debt limit extension until September, buy more time for talks? REPRESENTATIVE KEVIN MCCARTHY: Look, I don't want to sit and negotiate here. I would rather sit down with the president, and let's have those discussions. The one thing I do know is, we cannot continue the waste that is happening. We cannot continue just to spend more money and leverage the debt of the future of America. MARGARET BRENNAN: Right. REPRESENTATIVE KEVIN MCCARTHY: We've got to get to a balanced budget. MARGARET BRENNAN: Well, and I think many people would agree with you on the issue of fiscal responsibility, but there's that deadline on the calendar in terms of facing potential default. Are you saying. . . REPRESENTATIVE KEVIN MCCARTHY: Well, wait. Wait a minute. . . MARGARET BRENNAN: . . . you will guarantee the United States will not do that? REPRESENTATIVE KEVIN MCCARTHY: Listen, we're not going to default. But let me be very honest with you right now. So we hit the statutory date. But let's take a pause. We have hundreds of billions of dollars. This won't come to fruition until sometime in June. So the responsible thing to do is sit down like two adults and start having that discussion. MARGARET BRENNAN: Mm-hmm. REPRESENTATIVE KEVIN MCCARTHY: Unfortunately, the White House was saying before, like, they wouldn't even talk. MARGARET BRENNAN: Right. REPRESENTATIVE KEVIN MCCARTHY: I'm -- I'm thankful that we're meeting on Wednesday, but that's exactly what we should be doing. And we should be coming to a responsible solution. Every family does this. What is -- what has happened with the debt limit is, you reached your credit card limit. Should we just continue to raise the limit? Or should we look at what we're spending? MARGARET BRENNAN: Well, it's paying past commitments. REPRESENTATIVE KEVIN MCCARTHY: If Chuck Schumer -- yes, but if -- no, no. Chuck Schumer never passed a budget since he's been leading. He's never passed an appropriation bill. Those are the most basic things that Congress should do. And what -- if you're going to show to the American public where you want to spend your money, and if you're going to ask the hardworking taxpayer for more of their money, you first should lay out how you're going to spend it, and you should eliminate any waste, so you don't have to raise more taxes. MARGARET BRENNAN: But just to put a fine point on it, because it matters a lot to the markets in particular, you will avoid a default? You will not let that happen on your watch? REPRESENTATIVE KEVIN MCCARTHY: Look, there will not be a default. But what is really irresponsible is what the Democrats are doing right now, saying you should just raise the limit. MARGARET BRENNAN: But would you. . . REPRESENTATIVE KEVIN MCCARTHY: I think. . . MARGARET BRENNAN: Would you get in the way -- if 15 Republicans came to you and said they would be willing to raise the debt limit. . . REPRESENTATIVE KEVIN MCCARTHY: The only person -- but let me be very clear. MARGARET BRENNAN: . . . would you allow them to do so with Democrats? REPRESENTATIVE KEVIN MCCARTHY: The person -- the only person who is getting in the way right now is the president and Schumer. They won't even pass a budget. They won't even negotiate. We have now until June. I want to make sure we have something responsible, something that we can move forward on and something that we can balance our debt with. So I'm looking for sitting down. That's exactly what I have been asking for. The only one who's playing with the markets right now is the president to have the idea that he wouldn't talk. Does the president really believe and, really, all your viewers, do you believe there's no waste in government? Do you believe there was no waste in that $1. 7 trillion? That's what we were spending just four weeks ago. So, I think the rational position here is, sit down, eliminate the waste and put us on a path to balance. MARGARET BRENNAN: We'll watch for that meeting on Wednesday. I want to ask you about your vision of leadership. You made a number of deals within your party to win the speakership. Senator Mitch McConnell, your Republican colleague, said: "Hopefully McCarthy was not so weakened by all this that he can't be an effective speaker. " How can you effectively govern with a very narrow majority and when your conference is so divided? REPRESENTATIVE KEVIN MCCARTHY: Well, that may be somebody else's opinion. So let's just see what my father always said. It's not how you start. It's how you finish. So, let's -- you see what happened in the first we