.SpeakerMcCarthy warned that Wall Street should be on edge and vowed to never advance a clean bill to lift the debt ceiling. McCarthy also tore into POTUS for not sitting down and striking a deal with him.
Expressing concerns of his own that the debt ceiling standoff will devolve into an economic catastrophe, McCarthy tore into President Joe Biden for not sitting down and striking a deal with him."They should be concerned," McCarthy told Bloomberg TV."We are never going to move a bill that just raises the debt ceiling." House Speaker Kevin McCarthy says Wall Street should be concerned about the US debt ceiling as the country inches towards a possible default.
— Bloomberg April 6, 2023 Back in January, the United States struck its $31.4 trillion debt limit on its borrowing authority. Congress approved a budget last year that leans on considerable deficit spending. To prolong government functions, the Treasury Department began"extraordinary" measures to keep money flowing, but those steps are expected to run out.
McCarthy has sought to pair any increase in the debt ceiling with a rollback in spending, but Biden has demanded a clean bill. Biden and McCarthy met in February. Last week, McCarthy wrote a letter to Biden demanding he step up. The White House spurned that entreaty. Biden dusted off a $6.9 trillion budget proposal last month seeking to dial up pressure on Republicans. McCarthy countered that a GOP budgeting plan is not necessary to resolve the impasse.
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