Speaker Kevin McCarthy called for negotiations to raise the debt ceiling by $1.5 trillion as President Joe Biden slams the Republican plan.
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Earlier this year, House Speaker Kevin McCarthy and President Joe Biden seemed to agree they wouldn't negotiate the debt ceiling and federal spending fight in the press. This week has undoubtedly shown a shift in strategy.
McCarthy spoke to reporters and Wall Street CEOs Monday at the New York Stock Exchange, where he said House Republicans will lift the debt limit if Biden agrees to spending cuts. He vowed he would not let the U.S. default on its obligations, such as Social Security payments and military paychecks, and blamed the president for the ongoing showdown. Biden, striking back Tuesday, accused McCarthy of threatening to become the first speaker to default.
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