The House of Representatives will hold a vote on a proposal to lift the nation’s debt ceiling until sometime in 2024, according to House Speaker Kevin McCarthy (R-Calif.), relieving anxiety about a potential default on U.S. financial obligations.
McCarthy, during a speech at the New York Stock Exchange on April 17, also outlined the broad strokes of a Republican plan to reduce federal spending, which will also be voted on by the House “in the coming weeks.”
The announcement may have been aimed at increasing pressure on President Joe Biden to enter into negotiations over raising the debt ceiling, which have been at an impasse since Biden announced his 2024 budget proposal on March 9….