McCarthy Says Debt Deal Will Require Spending Cuts

U.S. House Speaker Kevin McCarthy said Wednesday that the White House must agree to spending cuts as part of a debt deal. "You have to spend less than you did last year," McCarthy said at a news conference. "That's not that difficult to do, but in Washington, somehow, that is a problem." McCarthy said he was hopeful negotiators would make progress although he described the two sides as "far apart."

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