WASHINGTON (Pakistan Point News / Sputnik - 07th February, 2023) US House Speaker Kevin McCarthy reiterated his call for a responsible raise of the debt ceiling that includes a plan to address runaway spending ahead of President Joe Biden's State of the Union address Tuesday evening.
"What Americans want and what Republicans are fighting for is a responsible debt limit increase that puts us on a path towards a healthier economy," McCarthy said on Monday during a press conference. "Defaulting on our debt is not an option, but neither is a future of higher taxes, higher interest rates and an economy that doesn't work for working Americans."
Last week, Biden and McCarthy met at the White House to discuss their positions on a debt ceiling raise, following a warning from Treasury Secretary Janet Yellen that emergency measures to reduce spending have been taken ahead of a looming default in June.
McCarthy has opposed a debt ceiling raise that does not address increasing debt and spending by the US, while Biden has called for the limit to be raised without conditions.
The US national debt stands at approximately $31.46 trillion, according to Treasury Department data.
On Tuesday evening, Biden will deliver a State of the Union address to Congress, during which he is expected to talk about an array of issues including the economy and US global competitiveness, the White House said.
