McCarthy addresses debt limit concerns in NYSE speech.
House Speaker Kevin McCarthy proposed a plan to lift the nation's credit limit for one year in exchange for significant spending cuts and GOP policy changes to federal assistance programs. President Biden and Democratic leaders insist that Congress should pass a clean bill to raise the debt ceiling without demands that they warn could lead to a catastrophic and historic default. Democrats have decried plans to change the rules for current federal benefits, warning it would mean more Americans will experience poverty. Even if McCarthy can get support from the House GOP conference, the measure is not expected to advance in the Democratic-controlled Senate.