House of Representatives Speaker Kevin McCarthy in a Monday speech at the New York Stock Exchange will lay out the conditions Republicans want Democrats to agree to in exchange for movement on the debt ceiling.
He has offered few specific details ahead of the talk, but Republicans have proposed holding annual spending growth to 1% for a decade, reducing regulation and boosting energy production.
Members of McCarthy’s sometimes-fractious caucus, who hold a narrow 222-213 majority, have yet to agree on actual legislation. Any proposal Republicans introduce would need to be negotiated with Biden’s Democrats, who control the Senate, before it could become law.
The White House, which is leading the Democrats’ approach to the debt ceiling, has dismissed the Republican proposals as unrealistic.
Nonpartisan forecasters have warned the federal government could face a historic default this summer if Congress fails to act. A default could cripple the U.S….
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