House Speaker Kevin McCarthy, R-Calif., accused President Biden of pivoting on debt ceiling negotiations, succumbing to progressives in his party as fears of a default continue to loom.
McCarthy argued Biden’s trip to Japan to attend the G-7 Summit marked a turning point in the stalled talks during “Sunday Morning Futures” as concerns mount over a potential financial crisis should the country run out of cash.
“Now, the president, even though he was overseas, thought to change places… I don’t understand that. For 97 days he ignored me. We were in a good place. He goes overseas, and now he wants to change the debate,” McCarthy told Maria Bartiromo. “That’s not healthy. We still have to pass a bill before the House and the Senate, and we only have 11 days to go.”
“The president has really shifted right after the more progressive socialist wing of the party stood up and says they want to spend more money,” McCarthy said. “He’s now bringing something to the table that everyone said was off the table. It seems as though he wants default more than he wants a deal. That’s not where I’m at, and the one thing you know… about me, Maria, I will never give up.”
WHAT IS THE DEBT CEILING, AND WHAT DOES IT MEAN FOR YOU?
“We can solve this problem and make our economy stronger,” he continued. “Curve inflation and be less dependent on China and really focus on American problems with American solutions.”
During his Hiroshima press conference, however, Biden acknowledged that the legal disagreement would render the move moot, saying the appeals process would kick a final decision well past the default date.
“We have more money coming in to the coffers than at any time in history,” McCarthy said. “The real challenge is our spending. Our spending, on average for the last 50 years has been about 21%. Well, in FY 22, after the Democrats have taken over, we’re roughly over 24% of GDP, so it’s a sheer spending problem.”
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Treasury Secretary Janet Yellen previously said, “after reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.”