House Speaker Kevin McCarthy previewed what he hopes Republicans can pass in the next few weeks to raise the debt ceiling during a speech at the New York Stock Exchange.
“So here is our plan: In the coming weeks, the House will vote on the bill to lift the debt ceiling into the next year, save taxpayers trillions of dollars, make us less dependent on China, curb our inflation, all without touching social security and Medicare,” he told a crowd of traders and analysts on the sixth floor of the exchange. The plan outlined in the speech will serve as a marker of GOP demands amid an impasse between the two parties over how to resolve the issue.
“Markets are reacting to work we’ve done, so I shouldn’t be monitoring you,” he said, directly addressing traders. “I should monitor what we’re doing, and that’s exactly what I do.” The reason markets are currently going up, he said, “is because the president has ignored us for 75 days.” He did not clarify why that would drive stocks higher. Markets were trading slightly lower Monday. McCarthy ended his speech by invoking the drawn-out speakership battle. “I will never give up.
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