McCarthy Blasts Biden, Outlines GOP Debt Limit Plan – By Yuval Rosenberg (The Fiscal Times) / Apr 17 2023
Speaker Kevin McCarthy on Monday excoriated President Joe Biden for failing to negotiate over raising the debt limit and for proposing a budget that seeks to have the federal government spend more next year than it did at the height of the Covid-19 pandemic.
McCarthy marked his 100th day as speaker of the House Monday by delivering a speech at the New York Stock Exchange in which he sought to ramp up pressure on Biden and pitch Wall Street on a House Republican plan that would extend the debt limit into next year and cut trillions in spending.
“Without exaggeration, America’s debt is a ticking time bomb that will detonate unless we take serious responsible action,” he said, later adding, “Defaulting on our debt is not an option. But neither is a future of higher taxes, higher interest rates, higher inflation, more dependence on China, and an economy that doesn’t work for working Americans. Let me be clear: a no-strings-attached debt limit increase cannot pass. But since the President continues to hide, House Republicans will take action.”
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