One-hundred days after becoming House speaker, Rep. Kevin McCarthy announced he will hold a debt-ceiling vote that could serve as the sequel to his historic — and chaotic — quest for the gavel.
House Speaker Kevin McCarthy at the New York Stock Exchange. Photo: Michael Nagle/Bloomberg via Getty Imageshe will hold a debt-ceiling vote that could serve as the sequel to his historic — and chaotic — quest for the gavel.Unlike January's speaker election, in which GOP unity and McCarthy's personal ambitions were the main assets at stake, the House's vote "in the coming weeks" could determine whether the U.S. economy averts a catastrophic default.
Failure to do so could cost McCarthy the job he spent four days, 15 ballots and massive political capital attempting to secure — and hand Democrats new leverage to pass a "clean" debt ceiling hike.Addressing the New York Stock Exchange on Monday, McCarthy said the House would vote on a bill to hike the debt ceiling, "save taxpayers trillions of dollars, make us less dependent on China, and curb high inflation — all without touching Social Security or Medicare.
The Biden administration and top Democrats, who have refused to negotiate over spending cuts as long as the GOP ties them to raising the debt ceiling,"I’ll be blunt: If Speaker McCarthy continues in this direction, we are headed toward a default," warned Senate Majority Leader Chuck Schumer .McCarthy dodged when asked after the speech if his plan actually has the support of the GOP conference,that he believes Republicans have the necessary 218 votes to raise the debt ceiling.
Quoting Babe Ruth, McCarthy told his Wall Street audience: "You just can’t beat the person who never gives up." "If there's one thing I hope America has learned about me in the last 100 days and my race to become speaker: I will never give up."
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