Speaker McCarthy vows to pass debt bill -- with spending cap

Speaker McCarthy vows to pass debt bill -- with spending cap

SeattlePI.com

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House Speaker Kevin McCarthy is vowing to pass legislation to raise the nation’s debt ceiling — but only coupled with a cap on future federal spending. In a speech Monday at the New York Stock Exchange, the Republican leader lashed out at President Joe Biden for refusing to engage in budget cutting negotiations to prevent a debt crisis. McCarthy said Biden is “missing in action.” The high-profile Wall Street address comes as Washington is heading toward a fiscal crisis over the need to raise the nation’s debt limit, now at $31 trillion, and avert a federal default.

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