Speaker McCarthy outlines GOP debt limit plan, Democrats pan demands as extreme
Talks over raising the nation's borrowing authority are stalled so House Speaker McCarthy says GOP will vote on their own plan. Democrats say adding demands to avoid a historic default is reckless.
House Speaker Kevin McCarthy outlined a proposal to lift the nation's credit limit for one year in exchange for significant spending cuts and GOP policy changes to federal assistance programs, as negotiations between McCarthy and President Biden on the issue remain stalled.
"Without exaggeration American debt is a ticking time bomb that will detonate unless we take serious, responsible action," McCarthy warned in a speech at the New York Stock Exchange on Monday.
McCarthy and Biden have had only one major discussion about the debt limit on February 1. The
