U.S. House Speaker Kevin McCarthy told the New York Stock Exchange on Monday that his caucus will not pass legislation to raise the debt ceiling unless it includes steep federal spending cuts and work requirements for key aid programs, a position that Democratic lawmakers slammed as dangerous and foolish hostage-taking.
"There never has been and never will be anything fiscally responsible about refusing to pay America's bills, risking millions of jobs, or threatening economic ruin," said Rep. Brendan Boyle (D-Pa.), the top Democrat on the House Budget Committee. "Republicans have apparently learned nothing from their past failures, so I'll make it clear: The best thing they can do for the American people is to let the hostage go, stop the chaos, and end this reckless brinksmanship with a vote for a clean raise of the debt ceiling."
