The United States could default on its financial obligations as early as June 1 unless Congress takes action to raise the nation’s $31.4 trillion debt ceiling, according to Treasury Secretary Janet Yellen. Yellen announced the news in a letter to House Speaker Kevin McCarthy (R-Calif.) on May 1. “After reviewing recent federal tax receipts, our…
Yellen Warns US Could Default by June 1 If Debt Limit Not Raised
May 1, 2023
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In Address to Israeli Parliament, McCarthy Says Israel Is a ‘Story of Survival’
May 1, 2023
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HAIFA, Israel—U.S. House Speaker Kevin McCarthy (R-Calif.) on Monday called Israel a “story of survival against the perils of war and terrorism.” He spoke at the opening ceremony summer session of the Knesset—the Israeli parliament—to express solidarity with Israel on its 75th anniversary. It was the second day of his visit to Israel, heading a 16-member bipartisan congressional…
ANALYSIS: Debt Ceiling Crisis Tests Biden’s Leadership
April 28, 2023
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News analysis For weeks, President Joe Biden successfully shifted responsibility for the debt ceiling crisis onto the shoulders of House Speaker Kevin McCarthy (R-Calif.). By refusing to risk the “full faith and credit” of the United States in negotiating over the debt ceiling, the president was able to portray the speaker as “holding the economy…
Biden Doubles Down on Call for Clean Debt Ceiling After GOP Debt Bill Passes House
President Joe Biden is ignoring Speaker Kevin McCarthy (R-Calif.) and his repeated call for negotiations on the nation’s debt ceiling following House passage of a Republican debt and spending bill. For weeks, Biden has refused to negotiate over raising the $31.4 trillion debt limit saying that doing so would put the “full faith and credit…
4 Republicans Explain Why They Opposed Speaker McCarthy’s Debt Limit Bill
April 27, 2023
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House Speaker Kevin McCarthy led his fellow House Republicans in passing a bill on Wednesday that pairs an increase to the U.S. federal debt limit with trillions in future spending cuts. The bill passed mostly along party lines, but four Republicans joined Democrats in opposition to the debt limit arrangement—albeit for different reasons than their…
GOP Debt, Spending Plan Passes Committee, Clearing Way for House Vote
The Republican debt ceiling and spending plan was approved by the House Rules Committee in the early morning hours of April 26 along party lines, clearing the way for a rapid up-or-down vote by the full House. After a six-hour debate on H.R. 2811, the Limit, Save, and Grow Act of 2023, the committee recessed…
GOP Debt Limit Bill Clears Committee, Clearing Way for House Vote
The Republican debt ceiling and spending plan was approved by the House Rules Committee in the early morning hours of April 26 along party lines, clearing the way for a rapid up-or-down vote by the full House. After a six-hour debate on H.R. 2811, the Limit, Save, and Grow Act of 2023, the committee recessed…
Biden Admin Says President Will Veto McCarthy Debt Limit Deal
President Joe Biden is already set to veto a bill favored by House Speaker Kevin McCarthy (R-Calif.) to pair spending cuts with an increase to the federal debt limit. Last week, House Republicans released their plan for a debt limit increase—the Limit, Save, Grow Act of 2023. The Republican bill allows the United States to…
IN-DEPTH: 3 Things to Know About House Debt Limit Bill Set for Vote This Week
The House of Representatives is expected to vote this week on a Republican plan to raise the debt ceiling while cutting spending and stimulating economic growth. House Speaker Kevin McCarthy (R-Calif.) introduced the Limit, Save, Grow Act of 2023 in a House floor speech on April 19, saying, “We owe it to the American people…
Lawmakers Voice Bipartisan Support for Action on Debt Ceiling
House Speaker Kevin McCarthy (R-Calif.) defended the Republican proposal to lift the debt ceiling temporarily while instituting spending cuts even as lawmakers from both parties reacted to the plan during press interviews on April 20. Despite vigorous disagreements about the Limit, Save, Grow Act of 2023, several members of Congress voiced the need for honest…
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