1 of 6 | Speaker of the House Kevin McCarthy delivered a speech on the economy and raising the debt ceiling at the New York Stock Exchange on Wall Street in New York City on Monday. Photo by John Angelillo/UPI | License Photo
April 17 (UPI) -- House Speaker Kevin McCarthy said Monday that Republicans will move forward with a vote that would raise the debt ceiling, allowing the United States to avoid defaulting through next year.
In a speech Monday at the New York Stock Exchange, McCarthy, R-Calif., did not specify a particular bill or elaborate on when exactly the vote would happen.
"Since the president continues to hide, House Republicans will take action. So here's our plan: In the coming weeks, the House will vote on a bill to lift the debt ceiling into the next year, save taxpayers trillions of dollars, make us less dependent upon China, curb our high inflation -- all without touching Social Security and Medicare," McCarthy said during his address.
McCarthy has continually taken aim at President Joe Biden for refusing to negotiate on raising the debt ceiling.
"Let me be clear. A no-strings-attached debt limit increase will not pass. It limits, it saves and it grows," McCarthy said Monday.
Any bill relating to the debt ceiling passed by the Republican-led House would need to get through the Democrat-led Senate before making its way to Biden's desk.
"Without exaggeration, American debt is a ticking time bomb that will detonate unless we take serious, responsible action. Yet how has President Biden reacted to this issue? He has done nothing," McCarthy said.
"Debt limit negotiations are an opportunity to examine our nation's finances."
The United States in January hit its debt limit of $31.4 trillion, forcing Treasury Secretary Janet Yellen to resort to "extraordinary measures" to meet necessary payments.
"I respectfully urge Congress to act promptly to protect the full faith and credit of the United States," Yellen wrote in a letter to McCarthy at the time.
Days later, Biden said he would not negotiate with House Republicans when it comes to raising the debt ceiling.
"Like the president has said many times, raising the debt ceiling is not a negotiation; it is an obligation of this country and its leaders to avoid economic chaos. Congress has always done it, and the president expects them to do their duty once again. That is not negotiable," White House Press Secretary Karin Jean-Pierre said in January.
Biden and McCarthy met in early February for what the White House described as a "frank" and "straightforward" conversation but talks later stalled, leaving the two at a stalemate.
"If the president doesn't act, we will," McCarthy said at the end of March, adding at the time Republicans were "very close" to reaching an agreement within the party on legislation to raise the borrowing limit.