From WSJopinion: Speaker Kevin McCarthy laid out the House Republican offer for debt-ceiling negotiations, and it might succeed if the GOP can stay united
Addressing the NYSE, House Speaker Kevin McCarthy rejected President Biden's push for further debt, outlining a 3-point fiscal path that 'limits, saves and grows.' Images: Bloomberg News Composite: Mark KellyWashington is cruising toward another showdown over the federal debt ceiling, and Americans can be forgiven for turning the channel. But House Speaker Kevin McCarthy laid out the House Republican offer on Monday, and it might even succeed if the GOP can stay united.
“Debt limit negotiations are an opportunity to examine our nation’s finances,” Rep. McCarthy said in a speech at the New York Stock Exchange, and the picture isn’t pretty. U.S. debt held by the public is more than $25 trillion. Spending as a share of the economy is 23.7%, the Congressional Budget Office reported in February, and rising to 24.9% by 2033, a level reached only twice since 1946—in 2020 and 2021 when Congress shoveled money into the pandemic emergency.
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