Kevin McCarthy promised in his first speech as US House Speaker to halt "wasteful" Washington spending and the nation's mounting debt.

"There is nothing more important than making it possible for American families to live and enjoy the lives they deserve. That is why we commit to stop wasteful Washington spending, to lower the price of groceries, gas, cars, housing, and stop the rising national debt," he said at the House session.

He also stated that the House would "address America's long-term challenges, the debt, the rise of the Chinese Communist Party," pledging that the US Congress "must speak with one voice on both of these issues."

McCarthy went on to say that the House was intending to form a bipartisan China select committee to "examine ways to bring back the hundreds of thousands of jobs that went to China."

A flashback

McCarthy won with 216 votes after hours of talks to rally a Republican majority shortly after midnight on Saturday. 

After all six of McCarthy's GOP opponents voted "present", the total votes McCarthy needed to secure his seat dropped from 218 to 216 out of the 435 members of the House. 

Republicans hold a 222-212 majority in the House.

McCarthy was defeated by a total of 21 Republicans over the course of 15 ballots before reaching an agreement with the dissenters on House rules and other political issues.

Republicans considered a $75 billion cut to US defense spending as part of the effort to rally support behind McCarthy, although some defense hawks who voted for McCarthy expressed concerns about the proposal, US media reported on Friday. 

Earlier, during the 13th vote, AP revealed that McCarthy had concluded a deal with several far-right lawmakers, including the conservative Freedom Caucus and other lawmakers, on the condition that he implement certain changes which would reduce the power of the Speaker’s office and give rank-and-file congressmen and women more influence in drafting and passing legislation.