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Kevin McCarthy, Republican Speaker of the United States House of Representatives, said yesterday, April 23, that his spending and debt bill would be voted on in the week and invited the President of the United States, Joe Biden, to discuss the limit of Debt.
McCarthy presented a plan this month that combines spending cuts of $4.5 trillion with a $1.5 trillion increase in the US debt limit, which stands at $31.4 trillion.
Biden and the Democratic-controlled Senate are likely to reject the proposal but McCarthy calls it the basis for bipartisan negotiations in the coming weeks.
If the debt limit is not raised, the United States will default on its financial obligations, which will shake the world economy.
Financial markets have shown concern about the stagnation, with the cost of insuring exposure to US debt at its highest level in a decade and financial analysts expressing concern about rising default risk.
Republicans have a narrow majority in the House of Representatives but McCarthy was confident he would get enough votes to pass his bill.
“I can’t imagine anyone in our caucus wanting to support Biden’s reckless spending,” McCarthy told Fox News.
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