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House of Representatives Speaker Kevin McCarthy reportedly said on Sunday the House would vote on his spending and debt bill this week and also invited President Joe Biden to discuss the debt ceiling.
What Happened: Although Republicans have a narrow majority in the House, McCarthy said he was confident of securing enough votes to pass his bill in the chamber, according to a Reuters report.
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“Like every other household in America — if Washington wants to spend more, it needs to save more somewhere else. This isn’t controversial — it’s common sense. I invite the President to get serious and join Republicans at the table,” McCarthy tweeted.
The Plan: Last week, the House Speaker had unveiled a plan to raise the debt ceiling by $1.5 trillion and trim federal spending by three times that amount. McCarthy’s proposal would reduce the total amount of domestic and military spending to 2022 levels and limit growth at 1% annually in years to come.
McCarthy also criticized Biden saying “the real decision is he’s afraid to even negotiate.”
“I cannot imagine someone in our conference that would want to go along with Biden’s reckless spending. This is responsible. This is something that we have sat down for months that everybody’s had input in,” McCarthy told Fox News.
“It’s not where everybody gets 100% of what they want, but when we send this to the Senate, we’re showing that, yes, we’re able to raise the debt ceiling into the next year,” he added.
Financial markets have already displayed signs of concerns about the stand-off, with the cost of insuring exposure to U.S. debt at its highest in a decade, the report said.
Democratic Senators Amy Klobuchar and Dick Durbin on Sunday urged negotiations between Biden and McCarthy but said the House Speaker’s proposal was more appropriate for budget debates than for the debt ceiling, according to the report.
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