Speaker Kevin McCarthy (R-CA) expressed disappointment that debt ceiling negotiators weren't able to "look at all" government spending, such as entitlements.

"We now say we're going to spend less. Now, unfortunately, I wasn't able to look at all what we spend our money on because the mandatory spending, Social Security, Medicare, that's all off to the side. So I can only look at about 15% of what we spend our money on," McCarthy told Fox and Friends.

BIDEN NEEDS TO SHELVE TAX INCREASES AND FOCUS ON SPENDING

Back in January, McCarthy himself declared that cuts to Social Security and Medicare were "completely off the table" during debt ceiling negotiations. President Joe Biden later needled Republicans during his State of the Union address, alleging some wanted to sunset the programs, drawing boos from attendees.

Biden and many Democrats took a victory lap after the Fiscal Responsibility Act of 2023, a compromise legislation, contained no cuts to the programs.

Entitlements have quickly emerged as a flashpoint for Republicans in the 2024 election cycle. Former President Donald Trump has warned the party that "under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security."

But others, such as former Vice President Mike Pence, have been adamant that the GOP must make reforms to the programs, which are careening toward insolvency.

Under the Fiscal Responsibility Act of 2023, which was released Sunday after the deal was cut the day prior, nondefense and nonveteran discretionary spending growth will be effectively kept down until 2024 before increasing by roughly 1% in 2025.

If the spending caps outlined in the bill are retained for six years, it could reduce the deficit by $2.1 trillion, according to a preliminary assessment from the Congressional Budget Office. However, the budget caps are only required for the first two years.

Additionally, the bill enacts permitting reforms, rescinds unspent COVID-19 funds, slashes IRS funding, and more. In exchange, the debt limit will be suspended until January 2025.

"This is different than we've ever had before. We're actually going to spend less money this year than we spent last year," McCarthy said.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Already, well over a dozen Republicans have come out in opposition to the legislation, largely complaining that it didn't go far enough to rein in spending. McCarthy has vowed to give his members 72 hours to parse through the text and is expected to hold a vote on it Wednesday.

Treasury Secretary Janet Yellen has warned that if Congress fails to act, the government will run out of cash to meet all its obligations as soon as Monday.