McCarthy took to Wall Street today in his latest effort to rally House Republicans around a strategy to lift the debt limit. “We are seeing in real time the effects of reckless government spending, record inflation and the hardship it causes,” he said.
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.
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