Kevin McCarthy rules out short-term hike to debt ceiling ahead of White House meeting
“We shouldn’t kick the vote. Let’s get this done now,” said Mr. McCarthy, California Republican. “Why continue to kick the can down the road? Let’s solve it now.”
Last week, White House officials floated the prospect of a short-term debt limit hike to avoid a default on the government’s abilities to pay its debt after June 1.Treasury Secretary Janet Yellen has warned that Congress has until June 1 to raise the statutory limit on how much the federal government can borrow to meet expenses or risks defaulting on the more than $31 trillion debt, a move that could cause chaos in financial markets and trigger a downgrading of the U.S. credit rating.
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