House Speaker Kevin McCarthy said that Republicans will move forward with a vote that would raise the debt ceiling, allowing the United States to avoid defaulting through 2024.  In a tweet, McCarthy said: “The House will vote on a bill to lift the debt ceiling into next year, save taxpayers trillions of dollars, make us less dependent on China, and curb high inflation—all without touching Social Security or Medicare.”

During a speech at the New York Stock Exchange on Monday, McCarthy did not specify a particular bill or elaborate on when exactly the vote would happen, saying in his address:“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 … Let me be clear. A no-strings-attached debt limit increase will not pass. It limits, it saves and it grows.”

McCarthy added: “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 … Debt limit negotiations are an opportunity to examine our nation’s finances.”

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 President Biden’s desk.

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