House Speaker Kevin McCarthy pledged on Monday to pass legislation to raise the nation’s debt ceiling—but only on condition of capping future federal spending increases.
House Speaker Kevin McCarthy pledged on 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 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, per the AP. “Since the president continues to hide, House Republicans will take action,“ McCarthy said.
The White House hit back quickly, accusing McCarthy of “dangerous economic hostage taking” and reupping Biden’s pressure on the Republican leader to approve a debt ceiling increase with no strings attached.
