House Speaker Kevin McCarthy pledged on Monday to pass legislation to raise the nation's debt ceiling — but on condition of capping future federal spending at 1% — as he lashed out at President Joe Biden.
The White House said ahead of McCarthy's address that “a speech isn't a plan," dismissing his overture and reupping pressure on the Republican leader to approve a debt ceiling increase with no strings attached.
President Joe Biden and House Speaker Kevin McCarthy, R-Calif., met at the White House to discuss a range of issues, including raising the debt ceiling. McCarthy is working furiously to unite the “five families” — the various caucuses including the Freedom Caucus, Republican Study Committee and others within the House Republican majority — around a plan that could be presented to Biden to kickstart negotiations.
The nation runs more than $1 trillion in annual deficits, and the last time the federal budget balanced was 2001.
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