Majority Leader Schumer To Respond To McCarthy NYSE Speech

13:00 ET 18:00 BST: Senate Majority Leader Chuck Schumer (D-NY) is shortly due to hold a press conference to provide an update on debt ceiling negotiations and respond to remarks made by House Speaker Kevin McCarthy (R-CA) earlier today in a speech at the New York Stock Exchange.

• Livestream: Schumer Press Conference
• McCarthy used the NYSE speech to accuse President Biden of risking a default by refusing to negotiate with Republicans on government spending.
• McCarthy said: “The problem gets solved only when both parties work together. Had the president agreed to negotiate in good faith we’d already be done. I do not want to see this president bumble into a default."
• McCarthy also promised to hold a House vote on a GOP spending bill expected to be unveiled this week.
• Any Republican legislation is highly unlikely to progress through the Democrat-controlled Senate but may act as a launching pad for both sides to begin discussions.