House Speaker Kevin McCarthy outlined a proposal to lift the nation’s credit limit for one year in exchange for significant spending cuts and GOP policy changes to federal assistance programs, as negotiations between McCarthy and President Biden on the issue remain stalled.
“Without exaggeration American debt is a ticking time bomb that will detonate unless we take serious, responsible action,” McCarthy warned in a speech at the New York Stock Exchange on Monday.
McCarthy and Biden have had only only one major discussion about the debt limit on February 1. The president and Democratic leaders on Capitol Hill insist that Congress should pass a clean bill to raise the debt ceiling without demands that they warn could lead to a catastrophic and historic default. The Treasury Department has said the country will run out of money to pay its bills sometime this summer.
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