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WASHINGTON –Republican U.S. House of Representatives Speaker Kevin McCarthy said on Sunday the House would vote on his spending and debt bill this week, and invited President Joe Biden to discuss the debt ceiling with him.
McCarthy floated a plan last week that would pair $4.5 trillion in spending cuts with a $1.5-trillion increase in the $31.4 trillion U.S. debt limit.
Biden and the Democratic-controlled Senate are likely to reject the proposal, but McCarthy has called it a basis for negotiations between the two parties in the coming weeks. Failure to raise the debt ceiling would lead to a U.S. default on its financial obligations, shaking the global economy.
