U.S. House of Representatives Speaker Kevin McCarthy on Monday outlined a federal spending-cut plan being sought by his fellow Republicans with ideas already floated and rejected by Democrats, and warning that these conditions must be attached to an urgently needed increase in the government's debt ceiling.
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.
But he added that "a no-strings attached debt limit increase will not pass" the House. He added that he will seek to roll back federal spending on many programs to fiscal 2022 levels, followed by spending growth of only 1% each year over the next decade. Before the speech, White House spokesperson Andrew Bates said, "There is one responsible solution to the debt limit: addressing it promptly, without brinksmanship or hostage taking - as Republicans did three times in the last administration.""A speech isn’t a plan," Bates said.
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