McCarthy blasts Biden, Democrats over debt restrict

Speaker Kevin McCarthy started laying out Home Republicans’ plan to carry the debt restrict and curb spending in a speech on the New York Inventory Change Monday the place he tried to amp up the strain on Democrats to barter.

The California Republican spent a lot of his half-hour speech — delivered on the one centesimal day of the brand new Home GOP majority — disparaging President Joe Biden for not negotiating. He sought to put the blame at Biden’s toes ought to the debt restrict standoff lead to america not having the ability to pay its obligations on time.

“Make no mistake: The longer President Biden waits to be smart, to search out an settlement, the extra possible it turns into that this administration will bumble into the primary default in our nation’s historical past,” McCarthy stated.

“Defaulting on our debt isn’t an choice,” the speaker added. “However neither is a future of upper taxes, greater rates of interest, extra dependency on China and an financial system that doesn’t work for working Individuals.”

Reiterating that “a no-strings-attached debt restrict enhance,” as Biden and high Democrats have demanded, is not going to cross the Home, McCarthy stated his chamber will vote “within the coming weeks” on a invoice that will carry the debt ceiling into subsequent 12 months and restrict federal spending. Later in a CNBC interview, he narrowed that timeline to “the subsequent two weeks.”