Both Sen. Shelley Moore Capito, R-W.Va., and Sen. Joe Manchin, D-W.Va., are pushing President Joe Biden to come to the negotiating table to iron out a deal on the nation’s debt limit.

“We can’t default on our national debt,” Capito said Thursday during a virtual press briefing. “But we must have some concessions on spending.”

She said Biden last met with House Speaker Kevin McCarthy on Feb. 1 on dealing with the debt limit, which will have to be raised, but so far Biden has refused to meet again and negotiate.

McCarthy has been adamant about negotiating a way to extend the debt limit, but also to deal with spending limitations.

Manchin referred to Biden’s lack of response a “deficiency in leadership.”

“America is facing a historic economic crisis brought on by an abject failure to address our exploding national debt, chronic inflation, a looming recession, and the more immediate need to raise the debt ceiling,” Manchin said in a statement Thursday. “Our elected leaders must stop with the political games, work together and negotiate a compromise. Instead, it has been more than 78 days since President Biden last met with Speaker McCarthy. This signals a deficiency of leadership, and it must change. The fact is we are long past time for our elected leaders to sit down and discuss how to solve this impending debt ceiling crisis.”

Manchin said he does not agree with all of McCarthy’s plan but it would serve the purpose.

“While it is reasonable to sincerely disagree with any specific debt ceiling approach, we will achieve a historic default, and the economic whirlwind which follows, if President Biden continues to refuse to even negotiate a reasonable and commonsense compromise.” he said. “To that end, I applaud Speaker McCarthy for putting forward a proposal that would prevent default and rein in federal spending. While I do not agree with everything proposed, the fact of the matter is that it is the only bill actually moving through Congress that would prevent default.”

Manchin said he urges Biden to “come to the table, propose a plan for real and substantive spending cuts and deficit reduction, and negotiate now.”

“Failing to do so may score political points with the extremes of the Democratic Party, but make no mistake, it will be the American people – and our nation – who will pay the ultimate price if partisan politics continues to define our politics and policies,” he said.

McCarthy’s plan, called the Limit, Save, Grow Act, would save $4.5 trillion by reducing discretionary spending back to 2022 limits, reclaim unspent COVID fund and rescind the new funding for the IRS, among other items.

The debt ceiling would be lifted for one year and raised by another $1.5 trillion.

The act has not yet been voted on in the House.

During the briefing Thursday, Capito also announced a new bill she and Sen. Krysten Sinema, I-Ariz., introduced.

Called the American Investment in Manufacturing (AIM) Act, the bipartisan bill would aid manufacturers and businesses by reinstating tax relief based on depreciation.

“This bipartisan legislation would reinstate a needed measure that allow industries to, grow, increase jobs and wages, and contribute to the U.S. economy. I’m proud to stand with American businesses, and I encourage my colleagues to join in support of this reinstatement,” she said.

Capito explained in an announcement that The American Investment in Manufacturing (AIM) Act would reinstate the Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) measure, supporting a competitive tax code for American job creators and businesses. Reinstating EBITDA will make it easier for capital intensive companies to raise capital or obtain financing, protect U.S. jobs and wages, and strengthen global competition.

A change had gone into effect in 2022 that limited deductions be removing depreciation and amoritization.