House GOP Predicts “Knife Fight” on Raising Debt Ceiling

House Republicans, led by House Speaker Kevin McCarthy, are holding fast to their commitment to cut spending before they will raise the federal debt limit.On Friday, in a letter to McCarthy, Treasury Secretary Janet Yellen warned Congress not to block the raising of the federal debt limit, claiming that increasing the debt limit “does not authorize new spending commitments or cost taxpayers money.”But on Sunday, the chairman of the House Oversight and …