FILE – Speaker of the House Kevin McCarthy, R-Calif., talks to reporters after passing the GOP’s sprawling energy package that would counter virtually all of President Joe Biden’s agenda to address climate change, at the Capitol in Washington, Thursday, March 30, 2023. (AP Photo/J. Scott Applewhite, File)

WASHINGTON (AP) — House Speaker Kevin McCarthy is vowing to pass legislation to raise the nation’s debt ceiling — but only coupled with a cap on future federal spending. In a speech Monday at the New York Stock Exchange, the Republican leader lashed out at President Joe Biden for refusing to engage in budget cutting negotiations to prevent a debt crisis. McCarthy said Biden is “missing in action.” The high-profile Wall Street address comes as Washington is heading toward a fiscal crisis over the need to raise the nation’s debt limit, now at $31 trillion, and avert a federal default.