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House Speaker Kevin McCarthy will deliver an address Monday on the debt ceiling. His speech comes a day before President Joe Biden is scheduled to present the annual State of the Union address.
Biden and McCarthy are engaged within the early phases of what is predicted to be a months long negotiation on a debt ceiling vote.
The nation hit its statutory limit last month, forcing Treasury Secretary Janey Yellen to take several temporary measures to stop the federal government from defaulting.
If Congress doesn’t pass a bill to boost or suspend the nation’s debt limit by early June, it could wreak economic havoc world wide.
But House Republicans say they’ll not vote to boost the limit without massive spending cuts in return.
“I feel you have got to lift the debt ceiling, but you don’t lift the debt ceiling without changing your behavior. So it’s got to be each,” McCarthy said after his first meeting with Biden last week.
The White House has up to now refused to “negotiate” on a debt limit hike, nevertheless. As an alternative, Biden has called on Congress to pass a so-called “clean” bill, meaning one with no legislative strings attached.
McCarthy recently told reporters that can “never occur.”
