McCarthy Warns Wall Street Over Debt Ceiling

Kevin McCarthy May Have Purposely Sabotaged Madison Cawthorn, Report Says

( – House Speaker Kevin McCarthy told reporters that he is “very concerned” about the debt ceiling deal, Barron’s reported. McCarthy reiterated that he would not pass a bill that would merely raise the debt ceiling without also agreeing about curbing government spending.

The House Speaker explained that he was struggling to reach a deal because President Biden “never wanted to meet,” Business Insider reported.

Likewise, McCarthy has “little trust” in his Budget Committee chairman, as he continues to press ahead “toiling” with his efforts to reach a deal with the Biden administration, The New York Times reported. As he pressed ahead, the House Speaker issued a warning to Wall Street, stating that the financiers there “should worry” about the impasse in Congress, Bloomberg reported.

McCarthy’s argument is that the astronomical debt, beyond the scope of the average citizen’s grasp, is already crippling the economy, the Associated Press explained, whereas Biden reportedly claims that the government spending cuts that Republicans are seeking as an alternative will “break the middle class.”

The debt ceiling crisis has been a subject of heated bipartisan debate, with both Republicans and Democrats claiming that either party caused the issues with the debt ceiling. In an opinion written for The New York Times, David Firestone claimed that Republicans were bent on leading the country toward a “calamitous” debt ceiling crisis so that they could “get their way” on the national budget. Firestone’s view of the issues echoed earlier statements by New York Representative Hakeem Jeffries, who stated that Democrats “would not pay a ransom note” to Republican leaders over the debt crisis, NPR News reported. Republicans have likewise called Democrat’s efforts to forego the debt ceiling crisis “radical options,” Fox News reported.

As Republicans and Democrats battled out the debt ceiling standoff, “centrist lawmakers” have reportedly held secret talks to negotiate a middle ground, Business Insider reported.

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