US House Speaker McCarthy: Attacks high spending, deficits under Biden | Forexlive

The US House Speaker Kevin McCarthy is speaking at the New York Stock Exchange. The speech is being talked as the opening gambit for the budget battle that will take place over the next seven or so weeks:

• tax high spending, deficits under Pres. Biden
• says has not heard from the White House since first meeting with Biden
• a no strings attached debt limit increase will not pass
• the house will vote in coming weeks on a bill to lift the debt ceiling into next year
• spending should return to 2022 levels and limit growth of spending 21% over the next decade

The U.S. House starts the budget process, if that passes it is sent to the Senate who will then tear it apart and return it back to the House for a final vote. Don’t expect much except for a deal to eventually get done to avoid a default.