Speaker McCarthy vows to pass debt bill — with a big ‘if’

Kevin Mccarthy
Speaker of the House Kevin McCarthy of Calif., picks up the gavel as he begins to speak in the House chamber in Washington, early Saturday, Jan. 7, 2023. (AP Photo/Alex Brandon)

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.

Read the full story on AP News right here.

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4/17/2023 12:44:49 PM (GMT -5:00)

Categories: Regional and US News