House Speaker Kevin McCarthy (R-Calif.) sought to reassure investors Monday that the U.S. government will not see a first-ever default on its debt as a result of the looming showdown later this year over the Treasury Department’s borrowing limit.
In livestreamed remarks from the hallway just outside his office, McCarthy said: “Defaulting on our debt is not an option. But neither is a future of higher taxes, higher interest rates and an economy that doesn’t work for working Americans.”
Though touted as “an address,” the remarks, taking roughly 10 minutes, broke little new ground in the standoff. The White House has said it will not negotiate over the limit; Republicans say they want unspecified budget changes in return for lifting the debt ceiling, with an implied threat of default if they are not placated.