House Speaker Kevin McCarthy has proposed a plan to raise the debt ceiling in exchange for spending cuts and policy changes, which he outlined at the New York Stock Exchange. The plan would lift the debt ceiling for a year and return federal government spending to fiscal year 2022 levels, but President Biden must agree to the proposed spending cuts for it to pass. House Republicans are optimistic that they can come to an agreement that will be able to pass and avert a potential disaster.
Posts tagged as “the New York Stock Exchange”
House Speaker Kevin McCarthy (R-CA) delivered a speech at the New York Stock Exchange on Monday, advocating for stricter "work requirements" for federal programs and criticizing President Joe Biden for not meeting with Republicans. McCarthy said the Republican spending plan will "restore work requirements" but did not provide any details on how they would be enforced. It is unclear how the Republicans plan to move forward with their proposal, and the Biden administration has yet to respond.
House Speaker Kevin McCarthy (R-Calif.) has announced that House Republicans will vote on their own debt ceiling bill to empower the U.S. to meet its obligations until 2024. The bill would save taxpayers trillions of dollars, make the U.S. less dependent upon China, and curb high inflation, but President Joe Biden has refused to negotiate policy conditions for extending the debt limit. McCarthy has criticized the President for not being “sensible” and finding an agreement, and it remains to be seen what the outcome of the vote will be and how it will affect the U.S. economy.