House Speaker Kevin McCarthy pledged Monday to pass legislation to raise the nation's debt ceiling — but only on condition of capping future federal spending increases at 1% — as he lashed out at President Joe Biden for refusing to engage in budget-cutting negotiations to prevent a debt crisis.
In a high-profile speech at the New York Stock Exchange, McCarthy, the Republican leader who was marking his 100th day as speaker, said the nation’s debt load is a “ticking time bomb” and Biden is “missing in action” as the deadline nears to raise the debt limit. But McCarthy's own ability to bring his plan to passage as promised is highly uncertain.
Late Monday, House Republicans rallied around the speaker as he returned to Capitol Hill, with preparations underway for a vote on the package as soon as next week — a rapid turnaround. McCarthy is expected to brief House Republicans privately early Tuesday morning on the details. Even though the Republican plan's chances in the Democratic-controlled Senate are dismal, House approval could serve as a calling card pressuring Biden to negotiate.
“Since the president continues to hide, House Republicans will take action," McCarthy vowed. #WakeUpCLT #Politics #Money
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