The House Majority leader McCarthy spoke about making progress after the meeting yesterday with Pres. McCarthy emphasized the importance of a compromise and said that he and Biden were going to work through the night on it. McCarthy also mentioned that he is willing to keep the House in session as long as necessary to pass a bill. However, he also indicated that Republicans might be open to extending the debt limit for a longer period if Biden agrees to even more cuts. /inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time.