The two sides are trying to strike a deal to raise or suspend the US government's borrowing cap, known as the debt ceiling, in order to cover existing federal spending commitments.īut Republicans in Congress have so far refused to do so without a commitment from Democrats to cut spending next year and to start bringing down the country's $31-trillion-plus debt burden.įor McCarthy, it's another high-wire act as he seeks to placate the uncompromising right-wing of the Republican Party while staving off a potential economic crisis. The 58-year-old McCarthy has taken center stage as Republican lawmakers and the White House hold talks to avert a catastrophic US debt default before a June 1 deadline. Just a few months later, the ambitious nine-term congressman from California is engaged in another tense standoff, this time with Democratic President Joe Biden over raising the debt ceiling.
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