But McCarthy said after his speech during a question period that he wasn’t gauging market reaction for guidance on the debt limit. Many economists have suggested that it may take a stock market selloff to force an agreement, showing the risks of a possible default.
“The White House needs to stop wasting time and start negotiating” with the speaker, he said. Without commenting on the House plans, Senate Republican leader Mitch McConnell said the president can’t simply put his fingers in his ears. 1, an expansive energy bill that would favor oil, gas and coal production - and ease permitting regulations - undoing many of Biden’s climate change-fighting initiatives. Republicans, he said, also want to attach policy priorities, including imposing work requirements to recipients of government aid that would result in cuts to benefit programs in the federal safety net for poorer Americans.Īnd McCarthy said the House Republicans also want to tack on H.R. The plan he outlined would raise the nation’s debt limit into next year - putting the issue squarely in the 2024 presidential election - coupling it with a plan to roll back federal spending to fiscal 2022 levels, recoup unspent COVID-19 funds and cap future spending at no more than 1% a year over the next decade. Nevertheless, McCarthy was both upbeat and defiant as he vowed to pass a bill through the House “in coming weeks.” Lawmakers were briefed on a weekend conference call, and said they expected a vote by the end of April. “President Biden and I are happy to meet with the speaker when he has something to talk about,” Schumer said.
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