House Speaker Kevin McCarthy, R-CA, announced on Monday that Congress would vote soon to raise the debt limit for an additional year and to slow down spending increases by federal agencies.

The debt ceiling was raised earlier this year. This is a measure set by Congress to prevent the federal government from exceeding the debt limit, which is $31.4 trillion. Treasury Secretary Janet Yellen told lawmakers she had to take “extraordinary measures,” to fund the federal government until June 1st, otherwise the government would default on its obligations unless lawmakers suspended or raised the debt ceiling.

McCarthy stated in remarks made before the New York Stock Exchange, that House Republicans will “vote on the bill to raise the debt ceiling to next year” within the “coming week”. The legislation would limit the annual growth of spending to 1% for the next decade and return expenditures back to the fiscal year 2022 level.

“Don’t listen to anyone who claims that these limits are harsh. McCarthy said to Wall Street executives that the spending levels were the same as those we had in October. McCarthy told Wall Street executives that the overgrown, bloated bureaucracy, which has grown under Biden, needs to be pruned. And that’s what we will do. Washington will need to work together to save money elsewhere if it wants to spend even more.

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McCarthy has repeatedly attacked Biden’s refusal to continue negotiations over possible spending cuts in the last few weeks. He continued: “The longer President Biden delays to be reasonable, to reach agreement, the greater the likelihood that his administration will stumble into the first default of our nation’s historical history.” “Let’s be clear: A debt limit increase with no strings attached cannot pass. House Republicans will act if the President does not stop hiding.

McCarthy’s federal spending plan is largely in line with a framework released by the House Freedom Caucus. This group of conservative Republican legislators said that they would vote to raise the debt limit if their framework was accepted. McCarthy was forced to make concessions by the lawmakers, including adopting budgets which did not allow for an increase in the debt ceiling and voting only on bills that dealt with a single subject before casting affirmative votes.

Biden released a budget proposal in the last month, which would increase spending from $5.8 trillion up to $6.9 billion over the fiscal year. The cumulative deficits over the next decade will be reduced by $3 trillion through tax increases on wealthy individuals and businesses.

McCarthy said, “In his unserious budget proposal for this year, President Biden wants the government to spend more than it did at the height of pandemic.” Just think about it. House Republicans think the opposite: we should save money before borrowing another dime. We owe it our children.

Government officials and business leaders have warned that a default on the national debt would most likely cause a global financial crisis. The current increases in national debt are not sustainable. Federal government obligations currently exceed $31.5 trillion. This is equivalent to 120% of gross domestic product. Maintenance costs are also increasing because interest rates have recently increased.