McCarthy Says Wall Street Should Be Worried About Political Stalemate Over Debt Ceiling: 'The President Won't Communicate'

House Speaker Kevin McCarthy reportedly said on Wednesday that Wall Street should be worried about the political stalemate over the debt ceiling issue as the country gets closer to a possible payment default.

What Happened: The House Speaker said he was "very concerned" about reaching a deal with Democrats on the debt ceiling but remained opposed to raising the limit without cutting down on government spending, during an interview with Bloomberg TV.

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"We are never going to move a bill that just raises the debt ceiling," McCarthy said. "Unfortunately, I tried to sit down with the president and the president won't communicate," he added.

McCarthy has not given any details about Republican deficit-reducing proposal they want in exchange for votes to raise the ceiling but indicated House Republicans "might make some news" when they return to Washington later this month, according to the report.

Last week, McCarthy had reportedly said Republicans could act on their own to tackle the federal government's debt ceiling issue, in the wake of President Joe Biden‘s refusal to negotiate a deal on spending. The House Speaker had said Republicans are close to deciding on a package that could pass the House of Representatives without the participation of the President or the Democrats in Congress.

White House Remarks: White House Press Secretary Karine Jean-Pierre said on Wednesday Congress needs to deal with the issue as have been done in the last administration three times.

"We do not believe that the full credit and — faith and credit of our nation should be held hostage. We've been very clear on that. There is no negotiation that we will be having on that particular issue because it is something that Congress needs to deal with," she stated during a briefing.

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