House Speaker Kevin McCarthy said on Sunday the House would vote on his spending and debt bill this week, and invited President Joe Biden to discuss the debt ceiling with him.
McCarthy floated a plan last week that would pair $4.5 trillion in spending cuts with a $1.5 trillion increase in the $31.4 trillion U.S. debt limit.
Financial markets have already shown signs of worry about the standoff, with the cost of insuring exposure to U.S. debt at its highest in a decade and financial analysts raising concerns about the rising risk of default. "I cannot imagine someone in our conference that would want to go along with Biden's reckless spending," McCarthy told Fox News in an interview on Sunday.
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