House Speaker Kevin McCarthy has presented the House Republican offer to battle over the federal debt ceiling, and the result could be in favor of the GOP if they stick together. The U.S. is not in good financial shape, with public debt reaching over $25 trillion and spending as a share of the economy is rapidly increasing. McCarthy spoke at the New York Stock Exchange on Monday and warned Wall Street of the potential consequences of a bungle over the government’s debt limit, which could result in the very first default in U.S. history. While the financial markets have been closely monitoring the debt ceiling saga, investors still believe the likelihood of a government default is low. McCarthy stated that House Republicans will introduce a bill in the next few weeks to raise the debt limit without input from the White House. The plan could push off the debt limit for a year, limit spending, and include other GOP priorities. However, since Democrats control the Senate, and the White House disproves the plan, it seems the GOP will have an almost impossible task of winning the debt-ceiling showdown.