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"I do not make this decision lightly," McCarthy told reporters Tuesday. It's unclear whether any formal impeachment resolution would have the votes in the House to pass.
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The House speaker says Republicans may launch an impeachment inquiry into President Biden. House GOP members have been investigating allegations of financial misconduct related to his son, Hunter.
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House lawmakers won't vote until Monday after a bloc of Freedom Caucus members torpedoed GOP legislation in an effort to express dissatisfaction with House leadership.
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Lawmakers are working against the clock to avert an unprecedented debt default. The Treasury Department has said the U.S. could run out of money to pay its bills as soon as June 5.
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McCarthy, who struck a compromise deal to avoid a debt default, faces criticism from members of his own conference and a potential threat that could oust him as speaker. He says his job is secure.
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While the bill raises the debt ceiling, it also affects a wide range of people by limiting spending and changing guidelines around food stamps and student loans.
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The government could run out of money to pay its bills as soon as June 1. President Biden said talks were "productive" though Speaker Kevin McCarthy said "I didn't see any new movement."
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Kevin McCarthy wants more people who receive food stamps to be subject to work reporting requirements. Advocates worry that shift, if passed, could mean people get shut out of the program.
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Speaker Kevin McCarthy's proposal would lift the nation's credit limit for one year in exchange for spending cuts.
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President Biden and Speaker McCarthy continue to spar over the next steps in negotiations on the debt ceiling. The country faces a historic default if no deal is reached before the summer deadline.