Fiscal crisis nears as McCarthy takes debt ceiling plan to Wall Street

Economists at the Federal Reserve increasingly believe such a downturn is likely later this year, according to March meeting details released this month, a possibility that adds to the pressure on Washington to avoid making matters worse.Some economists see a further hit to growth if Congress adopts the still-emerging GOP plan, which aims to slash federal spending on health, education, science and labor programs by about $130 billion.

But Republicans have forged ahead anyway on a belief that they must act swiftly to address the national debt, which is expected to reach roughly $50 trillion by 2033, according to projections released earlier this year from the nonpartisan Congressional Budget Office. Both parties have added considerably to that imbalance, from the tax cuts adopted by Republicans in 2017 to the more recent social spending packages enacted under Biden, though GOP lawmakers still blame Democrats.

But even the renewed sense of fiscal brinkmanship threatens to create costly economic turbulence in the months to come.In 2011, a similarly resurgent GOP squared off against another Democrat, President Barack Obama, as conservative tea party lawmakers demanded equally steep spending cuts.

Republican presidents/congresses borrow and spend like mad. Now all of a sudden, they want to play fiscal conservative. Trump borrowed trillions and Kev perfectly cool w/ it. The GOP has ZERO credibility on the matter.

Now please take the debt ceiling chart in the article and overlay the highest tax rates for wealthy individuals during those years. I bet there's a strong inverse correlation.

Time for McCarthy to go if he let's the payment default.

The GOP voted to raise the debt ceiling THREE TIMES under Trump HYPOCRITES

The only crisis is the reckless spending by the Dems.

HE DIDN'T JUST A BUNCH OF QUASI IDEAS WE ALL HEARD B4 CUTS TO EVERYDAY AMERICAN'S AND NO CUTS ON GOP SIDE. GOP DOES NOT HAVE THEIR BUDGET YET & IS WHY KEV IS AT STOCK EXCHANGE AND NOT AT WHITE HOUSE.

SpeakerMcCarthy the debt ceiling and potential default is on you and the GOP! Where is your budget? Approve the debt ceiling, with no conditions, just like you did form for Trump THREE times. Pay our bills (debt ceiling). Then, negotiate on budget. Two different things.

Is that a huge picture of himself behind him? If it is, does his ego even fit into his head?

Shame on the NYSE for allowing this domestic terrorist to do this.

$31 TRILLION IN DEBT WE NEED LEBENSRAUM!!!!

Republicans want to screw everything up even more, to help their big donor friends instead of the people who voted for them.

Republican again want to destroy our economy now seeking Wall Street help.

How sad are we as a country that this clown is Speaker of The House

McCarthy approved the spending, now refuses to pay the debt.

'The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned' The debt ceiling is unconstitutional

Very contradictory, even if passed, I believe inflation will be high again

So he refuses to take his budget to the White House for discussions but he'll go straight to Wall Street?

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

House Speaker Kevin McCarthy on Wall Street to deliver speech to New York Stock ExchangeHouse Speaker Kevin McCarthy will address the state of the economy and is expected to outline how Republicans plan to raise the debt ceiling for a year. McCarthy is destroying the Republican Party and America. Trying to kill the economy. Go home. TraitorTrash 🤮 The GOP shi&$$!! SHOW!!!
Source: ABC7NY - 🏆 592. / 51 Read more »

Republican U.S. House Speaker McCarthy to pitch spending cuts on Wall StRepublican U.S. House Speaker Kevin McCarthy plans to make his case for cuts in federal spending to accompany a lifting of the government's $31.4 trillion debt ceiling in a speech at the New York Stock Exchange on Monday. That mallet looks really limp. “We’re going to destroy the value of all your stocks & plunge the world economy into chaos because in our fantasy that means we “own the libs.” Sounds like a great plan, Kev. MORE 'alternative facts' by the GOP!
Source: Reuters - 🏆 2. / 97 Read more »

N.J. credit rating gets two more upgrades from Wall Street as state coffers overflowThe latest decision from S&P Global Ratings marks New Jersey's sixth credit rating upgrade in just over a year. Murphy still repairing the damage the GOP and Christie did years ago. Where's the commentary on; 🤮Raising the budget by 60% with no significant tax cuts 🤮Creating surpluses with illegal borrowing & unallocated Fed COVID $. The gimmicks he said he will not do 🤮Bills he will leave to our children's children 🤮He is an ex-wall streeter playing them Well yeah it’s been the boom I’m real estate that won’t continue
Source: njdotcom - 🏆 282. / 63 Read more »