Kevin McCarthy Pushes for Spending Cuts to Tackle US Debt Crisis

With a potential federal default just over a week away, Speaker Kevin McCarthy renewed his call on Wednesday for President Biden and congressional Democrats to accept spending cuts in exchange for raising the debt limit and allowing the Treasury Department to avoid missing payments. Despite a series of regular meetings, negotiators have reported little progress on the substance of any agreement. Right-wing Republicans have vowed to oppose any compromise that retreats from cuts that were part of their debt-limit bill, which was approved last month along party lines, so Mr. McCarthy is likely to need a substantial number of Democratic votes to pass an agreement.