McCarthy: Biden’s ‘Playing with’ Markets by Refusing to Negotiate on Debt Limit, We Won’t Cut Social Security, Medicare

On Tuesday’s broadcast of the Fox Business Network’s “Kudlow,” House Speaker Rep. Kevin McCarthy (R-CA) argued that President Joe Biden is “playing with the financial markets of America” by refusing to say he’ll negotiate over raising the debt limit and said that if Senate Democrats want the limit raised, they should pass a budget so we know where the money’s for. McCarthy also said claims Republicans are going to cut Social Security and Medicare and default on bond payments are untrue.

McCarthy said, “We have to negotiate over the debt. Our whole government is designed to have compromise. Republicans control the House. Democrats have a small majority in the Senate. And he’s the President. He is playing with the financial markets of America by saying he wouldn’t negotiate. … Does he not believe that there’s not one dollar that you can find to eliminate waste in government? They just passed a $1.7 trillion bill that two senators wrote who are no longer here at the end of the year. The Democrats have never passed a budget.”

Host Larry Kudlow then said, “And Mr. Speaker, the other thing is these little White House weanies, they’re saying you’re going to cut Social Security, you’re going to cut Medicare, and you’re going to default on the interest payments on the bonds.”

McCarthy responded, “None of that is true. And that’s the bad part here that, first, the administration said they won’t negotiate, and then they want to play politics. Why are they so afraid to sit down to find where you can eliminate waste? I think every household, every business, every state can’t go into debt. They have to have a balanced budget, every city and county. Why do they think they’re different? This is why we’ve got in this mess, with the Democrats’ one-party control, increasing discretionary by 30%, the Senate didn’t even pass a budget or appropriation bills last time. So, they never told even America where they would spend the money. Why don’t we say, before you raise the debt limit, actually pass a budget and tell us where you want money for if you just want to increase it? Wouldn’t that be responsible?”

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