House Speaker Kevin McCarthy pledged to pass legislation to raise the debt ceiling — and listed his demands. Democrats stressed that despite the speech at the New York Stock Exchange, House Republicans still haven't proposed an actual budget plan.
Speaker of the House Kevin McCarthy delivers a speech at the New York Stock Exchange Monday.
McCarthy pledged to pass legislation to raise the debt ceiling — and listed his demands: Cut spending back to last year's levels, and cap future spending growth at 1% a year over the next decade. In a news conference on Monday, Democratic Senate Majority Leader Chuck Schumer said Democrats "first need to see his plan so we can start there and work to avoid catastrophic default."Since then the Treasury Department has been using "extraordinary measures" — moves like delaying payments to some government pension plans and running down cash balances — to continue paying Uncle Sam's bills.
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