House Speaker Kevin McCarthy Vows to Vote on Republican Debt Ceiling Bill Despite Biden’s Refusal to Negotiate

House Speaker Kevin McCarthy (R-Calif.) traveled to the New York Stock Exchange on Monday to warn Wall Street of the potential for the federal government to fail to pay its bills this year. McCarthy has vowed that Republicans will not allow the government to borrow more money to make bond payments and cover basic expenses unless President Joe Biden agrees to a set of Republican demands.

McCarthy announced that the House Republicans will vote on their own debt ceiling bill to empower the U.S. to meet its obligations until 2024. The bill, which McCarthy claims will lift the debt ceiling into the next year, save taxpayers trillions of dollars, make the U.S. less dependent upon China, and curb high inflation, will not touch Social Security and Medicare.

However, President Biden has refused to negotiate policy conditions for extending the debt limit, a position that most Democrats support. McCarthy stated that he has not heard from the White House since their first meeting. He criticized the President for not being “sensible” and finding an agreement.

In response to Biden’s refusal to negotiate, House Republicans will take action and vote on their own debt ceiling bill. The only problem is that Republicans have yet to figure out what they want to demand. It remains to be seen what the outcome of the vote will be and how it will affect the U.S. economy.