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McCarthy Takes GOP Debt Ceiling Plan to Wall Street

Meanwhile, a fiscal crisis nears for the nation

Monday, House Speaker Kevin McCarthy proclaimed Republicans would not allow the government to default on its debts, even as he labored to sell Wall Street on a risky fiscal showdown with the White House and President Joe Biden that could unleash economic turmoil.

Speaking at the New York Stock Exchange, McCarthy (R-Calif.) affirmed his party's plan to seize on a rapidly approaching deadline — an urgent need to raise the debt ceiling, which sets how much Washington can borrow to pay its bills — to extract spending cuts and other policy concessions from Biden.

"Debt limit negotiations are an opportunity to examine our nation's finances," McCarthy said, later adding: "Defaulting on our debt is not an option, but neither is a future of higher taxes, higher interest rates, more dependency on China and an economy that doesn't work for working Americans."

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