House Speaker Kevin McCarthy was on Wall Street Monday to deliver a speech to the New York Stock Exchange.House Speaker Kevin McCarthy pledged on Monday to pass legislation to raise the nation's debt ceiling - but on condition of capping future federal spending at 1% - as he lashed out at President Joe Biden for refusing to engage in budget-cutting negotiations to prevent a debt crisis.
Still, McCarthy vowed to pass a bill through the House that would raise the nation's debt limit for one year - putting the issue squarely in the 2024 presidential election - coupling it with a plan to roll back federal spending to fiscal 2022 levels and cap future spending at no more than 1%. "There is one responsible solution to the debt limit: addressing it promptly, without brinksmanship or hostage taking," said White House Deputy Press Secretary Andrew Bates.
Federal spending skyrocketed during the COVID-19 crisis, rising to $7.4 trillion in 2021, before sliding back to $6.2 trillion in fiscal 2022, according to Treasury Department data. The nation's debt load has also climbed steadily, doubling during the George W. Bush administration with the 9/11-era wars overseas and spiking again during the Obama administration as spending rose and tax revenue plummeted during the Great Recession.
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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 »
House Speaker McCarthy opens next phase of debt ceiling fight with direct pitch to Wall StreetPresident Joe Biden has not budged on his refusal to negotiate with House Republicans over the debt limit. No such thing as a debt ceiling. Prove this statement false. Radon levels in your home 📊 it will be a long process
Source: CNBC - 🏆 12. / 72 Read more »
US House Speaker McCarthy pitches budget cuts for debt limit voteU.S. House of Representatives Speaker Kevin McCarthy on Monday outlined a federal spending-cut plan being sought by his fellow Republicans with ideas already floated and rejected by Democrats, and warning that these conditions must be attached to an urgently needed increase in the government's debt ceiling. Clown Just leave Social Security and Medicare alone! What cuts? SpeakerMcCarthy doesn't detail his budget proposal.
Source: Reuters - 🏆 2. / 97 Read more »