NEW YORK, NY (KERO) — After a two-week recess, Congress is back in session Monday morning.
On his 100th day of being House Speaker, Representative Kevin McCarthy spoke on the need for a "responsible debt increase" while speaking at the New York Stock Exchange.
During his speech, he addressed the state of the economy and outlined how Republicans will raise the debt ceiling for a year.
"We are seeing in real-time the effects of reckless government spending. Record inflation, and the hardships it causes. Rising interest rates. Supply chain shortages. Instability in the banking system. And uncertainty across the board. Now unlike President Biden, I don’t dismiss Americans’ fears about higher prices. I share them. And I share their conviction that we must change course before it’s too late."
McCarthy plans to provide more details when he speaks to the Republican caucus on Tuesday.
McCarthy has also told President Joe Biden that a debt ceiling bill without any amendments would not be able to pass the House. But Biden has said he will not let anyone use the full faith and credit of the United States as a bargaining chip.
Lawmakers still have time but if nothing's done before early June the government could no longer pay all its bills in full and on time which would be unprecedented for our economy.
