Speaker McCarthy vows to pass debt bill — with a big ‘if’
The Associated Press
WASHINGTON (AP) – 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.
In a speech Monday at the New York Stock Exchange, the Republican leader lashed out at President Joe Biden for refusing to engage in budget cutting negotiations to prevent a debt crisis. McCarthy said Biden is “missing in action.”
The White House, in turn, accused McCarthy of “high-risk hostage taking.”
The speaker’s Wall Street address comes as Washington is heading toward a fiscal crisis over the need to raise the nation’s debt limit, now at $31 trillion, and avert a federal default.
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4/17/2023 12:44:49 PM (GMT -5:00)