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House Speaker Kevin McCarthy on deliver an address Monday on the debt ceiling. His speech comes a day before President Joe Biden is scheduled to give the annual Shape of the Union address.
Biden and McCarthy are engaged in the early phases of what is expected to be a months long negotiation on a responsible ceiling vote.
The nation hit its statutory limit last month, forcing Treasury Secretary Janey Yellen to capture several temporary measures to prevent the government from defaulting.
If Congress does not pass a bill to raise or interrupt the nation’s debt limit by early June, it could wreak economic havoc around the world.
But House Republicans say they choose not vote to raise the limit without massive spending cuts in return.
“I believe you have to lift the debt ceiling, but you do not dissipate the debt ceiling without changing your behavior. So it’s got to be both,” McCarthy said after his first meeting with Biden termination week.
The White House has so far refused to “negotiate” on a debt limit hike, however. Instead, Biden has called on Congress to antiquated a so-called “clean” bill, meaning one with no legislative strings attached.
McCarthy recently told reporters that inclination “never happen.”