Speaker McCarthy vows to pass debt bill — but can he do it?

By LISA MASCARO
AP Congressional Correspondent

WASHINGTON (AP) — House Speaker Kevin McCarthy is pledging to pass legislation to raise the nation’s debt ceiling — but only if coupled with a cap on future federal spending. Voting could come as soon as next week. In a speech Monday at the New York Stock Exchange, the Republican leader lashed out at President Joe Biden for refusing to engage in budget cutting negotiations to prevent a debt crisis. McCarthy said Biden is “missing in action.” The White House, in turn, accused McCarthy of “high-risk hostage taking.” Washington is heading toward a fiscal crisis over the need to raise the nation’s debt limit, now at $31 trillion, and avert a federal default.