McCarthy seeks to reassure Wall Street amid stalled debt-limit negotiations

NEW YORK — Speaker Kevin McCarthy took to Wall Street Monday in his latest effort to rally House Republicans around a single strategy to lift the debt limit.

McCarthy laid out the contours of the GOP’s case to the investor class in New York and the broader public, as the party argues it will not help raise the debt ceiling without any new measures to reduce the deficit. The speaker on Monday repeatedly blamed President Joe Biden and Democrats for driving higher inflation through excess spending, reiterating that any hike in the debt limit should be offset by significant spending cuts.

“I have full confidence that if we limit our federal spending, if we save taxpayers money, if we grow the economy, we will end our dependence on China, we will curb inflation, and we will protect Medicare and Social Security so America will be stronger,” McCarthy said, repeatedly invoking former president Ronald Reagan, a favorite among many Wall Street traders. The California Republican ripped Biden for doing “nothing” on the federal debt and annual deficits.

Wall Street traders and executives continue to believe that House Republicans and the White House will eventually cut a deal ahead of a deadline sometime this summer, avoiding a default. Republicans and Democrats clashed over the debt limit through much of former President Barack Obama’s tenure, including the first downgrade of U.S. debt by ratings agency Standard & Poor’s in 2011.

Speaking of inflation SpeakerMcCarthy, where's the GOP plan to combat it, because thus far I haven't seen any indication House Republicans care about the 'hardship' it causes if their complete legislative inaction around it is any indication

There are no negotiations. Did you not get that?

SpeakerMcCarthy is lying to Wall Street and himself if he’s trying to blame POTUS for the debt. We all know which administration caused it and we all know the solutions. The question is, is he man enough to put forth a viable plan to help save the American economy.

Bahahahaa. These pansies are gonna get rolled.

He does realize that this is the bill for the orange one?

Strategy?!? Just do what they did when it happened multiple times under Trump, right after they passed pointless tax cuts that reduced revenues! Pass it because it needs to pass or the damage will be massive.

He is so right

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