House Speaker Kevin McCarthy (R-Calif.) is giving a speech at the New York Stock Exchange Monday morning, following a two-week Congressional recess, with an unresolved intra-party dispute on a budget proposal set to resume.
McCarthy is expected to outline the Republican caucus’s position that the debt ceiling will not be raised unless the final budget includes significant spending cuts, and spell out where those cuts might be made.
Republicans differ on whether to freeze defense spending, and have so far backed away from changes to Social Security and Medicare. Other social spending, such as food assistance, might remain on the table for the GOP, although Democrats are sure to oppose the cuts.
McCarthy is speaking at 10 a.m. ET.
Watch the live video above.