McCarthy: Democrats' COVID-19 Bill Would Harm Market

U.S. House of Representatives Republican leader Kevin McCarthy said on Friday that Democratic legislation on coronavirus relief would undermine the stock market, if enacted into law.

"If we went forward with what the Democrats asked for in that $3 trillion? I believe the market would drop hard because it would put greater debt on all taxpayers," McCarthy told CNBC.

The Democratic-led House approved coronavirus legislation in May worth more than $3 trillion but have since offered to reduce the sum by $1 trillion to get a deal with the White House and Republicans. White House negotiators have rejected the offer.