Republican U.S. House Speaker Kevin McCarthy plans to make his case for cuts in federal spending to accompany a lifting of the government's $31.4 trillion debt ceiling in a speech at the New York Stock Exchange on Monday.
His speech comes as the federal government ticks closer to the moment sometime this summer when it will no longer be able to meet its financial obligations.
The Republicans who control the House of Representatives this week will try to unify around a proposal that would lift the limit to May 2024 -- as the next presidential election campaign ramps up -- in exchange for sharp spending cuts. Such a proposal is unlikely to win the Democratic support it would need to take effect.
The nonpartisan Congressional Budget Office last month laid out a range of options to address the debt, which showed that higher tax collections would have significantly more impact than spending cuts.Republicans have been discussing spending cuts for programs ranging from homeland security and law enforcement to health, education and environmental initiatives.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
House Speaker McCarthy rounds 100 days in office, faces tough road aheadRep. Kevin McCarthy is performing the role as speaker — second in line to the presidency — but the Republican leader allied with Donald Trump remains stubbornly limited in action because of his uneasy grip on the gavel. FOX13
Read more »
House Speaker Kevin McCarthy on Wall Street to deliver speech to New York Stock ExchangeHouse Speaker Kevin McCarthy will address the state of the economy and is expected to outline how Republicans plan to raise the debt ceiling for a year.
Read more »
Speaker McCarthy: 100 days in power and a tough road aheadWhen Rep. Kevin McCarthy emerged from a messy 15-ballot election and ascended to House speaker, he was emboldened rather than chastened by the fight, declaring that his father taught him early on in life: 'It's not how you start; it's how you finish.'
Read more »
Speaker McCarthy: 100 days in power and a tough road aheadWhen Rep. Kevin McCarthy emerged from the messy 15-ballot election in January to become House speaker, he said he was emboldened by the fight. But as the embattled Republican leader from California rounds the first 100 days at the helm of a slim House Republican majority, there are challenges ahead. And it's proving hard to shake off the spectacle of the unsteady launch. So far, McCarthy has logged surprise successes in the new Congress, such as passing bills on crime and COVID-19 that President Joe Biden signed into law. On Monday, McCarthy will speak at the New York Stock Exchange. It's one more sign of his rising influence. But he has an uneasy grip on the speaker's gavel.
Read more »
Speaker McCarthy: 100 days in power and a tough road aheadWhen Rep. Kevin McCarthy emerged from a messy 15-ballot election and ascended to House speaker, he was emboldened rather than chastened by the fight, declaring that his father taught him early on in life: “It’s not how you start; it’s how you finish.”
Read more »
Speaker McCarthy: 100 days in power and a tough road aheadWhen Rep. Kevin McCarthy emerged from the messy 15-ballot election in January to become House speaker, he said he was emboldened by the fight.
Read more »