In a high-profile speech at the New York Stock Exchange, McCarthy, the Republican leader who is 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.
House Speaker Kevin McCarthy was on Wall Street Monday to deliver a speech to the New York Stock Exchange.House Speaker Kevin McCarthy pledged on Monday to pass legislation to raise the nation's debt ceiling - but on condition of capping future federal spending at 1% - as he lashed out at President Joe Biden for refusing to engage in budget-cutting negotiations to prevent a debt crisis.
Still, McCarthy vowed to pass a bill through the House that would raise the nation's debt limit for one year - putting the issue squarely in the 2024 presidential election - coupling it with a plan to roll back federal spending to fiscal 2022 levels and cap future spending at no more than 1%. "There is one responsible solution to the debt limit: addressing it promptly, without brinksmanship or hostage taking," said White House Deputy Press Secretary Andrew Bates.
Federal spending skyrocketed during the COVID-19 crisis, rising to $7.4 trillion in 2021, before sliding back to $6.2 trillion in fiscal 2022, according to Treasury Department data. The nation's debt load has also climbed steadily, doubling during the George W. Bush administration with the 9/11-era wars overseas and spiking again during the Obama administration as spending rose and tax revenue plummeted during the Great Recession.
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