House Speaker Kevin McCarthy is pledging to pass legislation to raise the nation’s debt ceiling — but only if coupled with a cap on future federal spending.
While vowing that “defaulting on our debt is not an option,” McCarthy faces his own challenges pushing a legislative fix to passage.
White House Deputy Press Secretary Andrew Bates called McCarthy’s conditions a “MAGA wish list that will increase costs for hard-working families,” a reference to former President Donald Trump’s Make America Great Again slogan.And Senate Majority Leader Chuck Schumer said it’s McCarthy who “continues to bumble our country toward a catastrophic default.”
Republicans, he said, also want to attach policy priorities, including imposing work requirements to recipients of government aid that would result in cuts to benefit programs in the federal safety net for poorer Americans.that would favor oil, gas and coal production — and ease permitting regulations — undoing many of Biden's climate change-fighting initiatives.
The nation runs more than $1 trillion in annual deficits, and the last time the federal budget balanced was 2001. Biden in particular, has been here before as vice president during the 2011 fiscal standoff that sent jitters through the economy as the Republicans demanded steep spending cuts.
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House Speaker Kevin McCarthy on Wall Street to deliver speech to New York Stock ExchangeHouse Speaker Kevin McCarthy will address the state of the economy and is expected to outline how Republicans plan to raise the debt ceiling for a year.
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House Speaker McCarthy Vows to Pass Bill to Raise Debt Ceiling — With Spending CapHouse 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.
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House Speaker McCarthy rounds 100 days in office, faces tough road aheadRep. Kevin McCarthy is performing the role as speaker — second in line to the presidency — but the Republican leader allied with Donald Trump remains stubbornly limited in action because of his uneasy grip on the gavel. FOX13
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Republican U.S. House Speaker McCarthy to pitch spending cuts on Wall StRepublican U.S. House Speaker Kevin McCarthy plans to make his case for cuts in federal spending to accompany a lifting of the government's $31.4 trillion debt ceiling in a speech at the New York Stock Exchange on Monday.
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House Speaker McCarthy opens next phase of debt ceiling fight with direct pitch to Wall StreetPresident Joe Biden has not budged on his refusal to negotiate with House Republicans over the debt limit.
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