House Speaker McCarthy opens next phase of debt ceiling fight with direct pitch to Wall Street

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House Speaker McCarthy opens next phase of debt ceiling fight with direct pitch to Wall Street
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President Joe Biden has not budged on his refusal to negotiate with House Republicans over the debt limit.

His speech opens the next phase of the fight over the debt ceiling.US House Speaker Kevin McCarthy arrives on Wall Street to deliver a speech on the econony at the New York Stock Exchange in New York on April 17, 2023. House Speaker Kevin McCarthy will make his case that failing to strike a deal and lift the debt ceiling could upend global markets from the most high-profile market of all: The New York Stock Exchange.

President Joe Biden has not budged in three months on his refusal to negotiate over the debt limit, and has so far dismissed Republican efforts to tie a debt ceiling vote to a simultaneous deal on budget negotiations. In a statement Monday morning in advance of McCarthy's speech, White House spokesman Andrew Bates accused the California Republican of "holding the full faith and credit of the United States hostage, threatening our economy and hardworking Americans' retirement."

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