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CINCINNATI Former Vice President Mike Pence said Tuesday that he and then-President Donald Trump "could have done a better job" keeping the federal debt in check.

"The trillions of dollars that we appropriated for families and businesses and health care in this country during Covid it's what government's for during a time of national emergency," Pence said. "But let me stipulate ... we could have done a better job of controlling spending under our administration."

His assessment, delivered in an exclusive interview, came at the same time President Joe Biden and House Speaker Kevin McCarthy, R-Calif., clashed in face-to-face negotiations over how to avoid a federal default.

Much as Pence acknowledged the Trump administration's role in accumulating debt, he criticized Biden for "runaway federal spending" in his two-plus years in office and said it is up to the president to strike a deal that averts an economic crisis.

"I think its incumbent on President Biden to sit down today in good faith and find a way forward that will hold the full faith and credit of the United States," Pence said.

The Republican-led House passed legislation this month that would raise the debt ceiling while paring spending. Biden and congressional Democrats insist that the limit should be increased in a standalone measure that does not include other provisions. The Treasury Department estimates that, without a new law, the federal government will exceed its borrowing authority as soon as June 1.

Despite having called for scrutiny of Social Security and Medicare spending in recent months, Pence a former member of the House GOP leadership backed McCarthy's decision to exclude those programs from House cuts.

"I support that decision," Pence said, adding that he agrees with McCarthy's bid to tie other spending reductions to a debt-limit increase.

"The American people would like to see evidence that the Congress gets it, that they understand that weve got to make a down payment on fiscal discipline," Pence said. "And the modest first steps that the House has enacted here, I think, is reasonable.And I think Speaker Kevin McCarthy can and should stand firm to make that deal with President Biden."

Dasha Burns is an NBC News NOW correspondent who covers politics and social issues.

Jonathan Allen is asenior national politics reporter for NBC News, based in Washington.

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Mike Pence: Trump White House could've done 'better' on spending' - NBC News