Kevin McCarthy Reassures Investors: ‘Defaulting on Our Debt Is Not an Option’

House Speaker Kevin McCarthy (R-Calif.) sought to reassure investors Monday that the U.S. government will not see a first-ever default on its debt as a result of the looming showdown later this year over the Treasury Department’s borrowing limit.

In livestreamed remarks from the hallway just outside his office, McCarthy said: “Defaulting on our debt is not an option. And he’s planning to address this weekend’s shoot-down.”

McCarthy’s comments come as President Joe Biden prepares to deliver his first State of the Union address in front of a divided Congress. The speech, which is set to take place Tuesday, is expected to provide a glimpse into Biden’s argument for a second term in office.

The address is also seen as a test run of sorts for the President, who hopes to present a vigorous and optimistic portrait of his first two years in office. Biden has stated that he has the ability to keep serving the country until he is 86 years old.

The President’s State of the Union address will be his largest television audience of the year, and will be closely watched by both the American people and investors. McCarthy’s comments Monday sought to reassure investors that the U.S. government will not default on its debt as a result of the looming debt limit fight between congressional Republicans and the White House.