Kevin McCarthy outlines broad goals for debt limit talks with Biden

House Speaker Kevin McCarthy presented on Tuesday a set of broad goals that would need to be met in exchange for raising the debt limit. 

Mr. McCarthy, California Republican, outlined the priorities in a letter to the White House urging President Biden to start official negotiations on raising the cap for how much the federal government can borrow to meet expenses. 

“I am incredibly concerned that you are putting an already fragile economy in jeopardy by insisting upon your extreme position of refusing to negotiate any meaningful changes to out-of-control government spending,” the speaker wrote. 

Mr. McCarthy said any deal that would raise the debt ceiling would have to meet at least four broad criteria: 

• Clawing back at least $90.5 billion in unspent coronavirus funding.

• Expanding work requirements for federal entitlement programs.

• Reducing domestic spending to pre-COVID-19 “inflationary levels” and limiting future growth.

• Enacting legislation to lower energy costs, address crime and enhance border security.