McCarthy used his speech in NYC to slam President Joe Biden for doing 'nothing' to address the nation's financial crisis.
Democrats have repeatedly called for raising the debt ceiling to continue funding federal programs, but House Republicans—namely McCarthy—have been set against continuing to spend without restrictions.
McCarthy spoke out against raising taxes to counteract the nation's increasing debt, but he also asserted that defaulting on the debt wasn't an option for the federal government. He labeled the nation's debt as a"ticking time bomb" that, if left uncapped, would lead to the nation's first default on the debt.
Speaker of the House Kevin McCarthy is interviewed on the floor of the New York Stock Exchange on April 17, 2023, in New York City. McCarthy visited the NYSE to talk about the state of the economy and the conditions Republicans want Democrats to agree on, in exchange for lifting the federal debt ceiling.
"Speaker McCarthy is breaking with the bipartisan norm he followed under Trump by engaging in dangerous economic hostage-taking that threatens hard-working Americans' jobs and retirement savings," Bates said in a statement to reporters."In 2019, Donald Trump himself said, 'I can't imagine anybody ever even thinking of using the debt ceiling as a negotiating wedge.' This morning, Speaker McCarthy did just that.
In his speech, McCarthy proposed legislation that would lift the nation's debt ceiling but cap future spending at 1 percent. McCarthy previously criticized Democrats for hoping to raise the nation's debt ceiling, alleging that the action would increase America's dependency on China and raise taxes.
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