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Speaker McCarthy said the House will soon vote on debt ceiling legislation, calls for Biden to negotiate rather than “bumble into” default at the New York Stock Exchange In a speech at the New York Stock Exchange on Monday, Speaker Kevin McCarthy said House Republicans will vote in "the coming weeks" on legislation to raise the debt ceiling for one year but tied to spending cuts. He continued to blame President Joe Biden for not negotiating and accused him of "misleading the public." "I want to talk to you about the debate that's not happening in Washington but should be happening over our national debt. It's a debate that directly affects the lives of every American," McCarthy said. His latest salvo in the showdown comes as White House has warned that, if House Republicans fail to pass a debt ceiling increase by this summer with no budget cuts attached, it would create financial chaos in world markets. McCarthy said a $31 trillion debt is "t...

The already fierce debate on the debt ceiling turned more contentious this week as Republicans and Democrats feud over veterans' benefits. The already fierce debate over the debt ceiling turned more contentious this week as Republicans and Democrats feud over the politically explosive issue of veteran s' Health care and other benefits . Democrats can be expected to hit their claims hard when the Senate Budget Committee holds a hearing Thursday on the potential impact of House Republicans' 2024 budget. President Joe Biden and his congressional allies are accusing House Republicans of voting to cut funding for veteran s' services when they narrowly passed the budget proposal last week. Republicans have shot back that Democrats are "shamelessly lying." The bitter back-and-forth comes as lawmakers face a fast-approaching June deadline to reach a solution on the debt ceiling or risk an unprecedented default that would wreak havoc on the economy. MORE: House De...

Biden will meet Tuesday with Kevin McCarthy and other congressional leaders -- as a fast-approaching deadline looms to raise the debt ceiling or face default President Joe Biden will meet Tuesday afternoon with congressional leaders at the White House -- as a fast-approaching deadline looms to either increase the nation's borrowing limit or risk an unprecedented and potentially devastating debt default that would ripple across the global economy. Tuesday's meeting will be the first time since February that Biden has sat down with House Speaker Kevin McCarthy to discuss the debt and spending. The intervening months have been filled with back and forth, with Biden leading Democrats in pushing for a raise to the debt ceiling "without conditions." McCarthy and other Republicans, meanwhile, continue to say they will only agree to raise the borrowing cap if Biden also agrees to some federal spending cuts and budget changes. Both sides have repeatedly insisted they don...

Hours ahead of the White House summit, Treasury Secretary Yellen said the economic shock that would result from an unprecedented default "could lead to a recession." With time running short, President Joe Biden and congressional leaders will meet Tuesday afternoon to discuss the debt ceiling as Treasury Secretary Janet Yellen stressed a default could trigger a recession. Biden, House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell will meet at the White House at 3 p.m. "We don't have that much time left. We want to make sure we avoid a default but they've got to get serious and they haven't been serious about any of these negotiations," McCarthy told ABC News Senior Congressional Correspondent Rachel Scott on Tuesday. MORE: Congressional Budget Office warns of US debt default 'in first two weeks of June' President Joe Biden hosts debt limit talks w...

President Joe Biden and House Speaker Kevin McCarthy will meet Monday afternoon with just 10 days to reach a debt ceiling deal or risk an unprecedented default. President Joe Biden and House Speaker Kevin McCarthy will meet Monday afternoon in the Oval Office to directly negotiate with just 10 days to reach a debt ceiling and spending deal or risk an unprecedented default . In the meantime, White House negotiators arrived back on Capitol Hill early Monday and met for nearly three hours with Republican mediators. Rep. Patrick McHenry, R-N.C., told ABC News there are currently no additional meetings on Capitol Hill scheduled for the day, but said he wanted talks this week to be productive. "I don't think there's any interest in us delaying these tough conversations," McHenry said, declining to discuss specifics of where the talks stand. "And so we want this to be productive. I want this to be a productive week." Time is running out for a compromise. Treasu...

Unless Washington reaches a deal on the debt ceiling, payments millions of Americans rely on each month could be in jeopardy in little more than a week. Unless Washington reaches a deal on the debt ceiling, government payments millions of Americans rely on each month could be in jeopardy in little more than a week. While the deadline politics play out in Washington, the uncertain timeline of exactly what happens next -- both with those payments and to people's bank accounts -- is only adding to growing anxiety. Treasury Secretary Janet Yellen maintains the nation could be unable to pay all of its bills in early June, possibly as early as June 1, though the exact date remains unclear. That means billions of dollars scheduled for programs such as Social Security, Medicare and Medicaid, as well as Military salaries and veterans benefits, are at risk of going unpaid or being delayed if no agreement is reached. MORE: 'It's not their money': Older Americans worried debt d...