House Speaker Kevin McCarthy is confident that House Republicans will pass a bill to stave off a debt limit crisis, while accusing President Biden and the Senate of ‘ignoring’ a quickly approaching crisis if negotiations do not resume.
The speaker delivered a speech earlier Monday to Wall Street traders, CEOs and other financial leaders pushing for negotiations on the debt ceiling with the Biden administration, which has disengaged from the process due to opposition to spending cuts proposed by the GOP.
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The speaker criticized Biden throughout his speech, saying he has done ‘nothing’ except leaving America debt as a ‘ticking time bomb that will detonate unless we take serious, responsible action.’
McCarthy also warned that even if the House is able to pass a bill, it will be up to the Democrat-run Senate to act, which it is unlikely to do.
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During his speech, McCarthy issued a rare bit of bipartisan praise for Sen. Joe Manchin, a Democrat from West Virginia, who has called for negotiations between the administration and Congress to come to a quick agreement on the debt ceiling.