Speaker of the House Kevin McCarthy is scheduled to speak at the New York Stock Exchange on Monday morning regarding the ongoing debt ceiling negotiations. As the federal government approaches its limit of meeting financial obligations, Kevin McCarthy’s speech is timely. Failure by the divided Congress to take action would result in a historic default, which would have severe repercussions on the US and global economies.

McCarthy will emphasize why any increase to the debt cap must be paired with spending cuts. This coincides with the unveiling of a new Republican proposal by McCarthy, which aims to lift the ceiling until May 2024, while also slowing spending growth over the next decade, rolling back student debt relief and federal regulations, and boosting domestic energy production.

McCarthy is drawing parallels between his speech and President Ronald Reagan’s 1985 visit to the NYSE, where he shared his vision for economic growth. However, the comparison between McCarthy’s speech and Reagan’s visit is not well-received by the White House.

Andrew Bates, Deputy Press Secretary, criticized Kevin McCarthy’s proposal, accusing him of putting the economy and the retirement of Americans at risk.

Bates sated, “Speaker McCarthy is holding the full faith and credit of the United States hostage, threatening our economy and hardworking Americans’ retirement. A speech isn’t a plan, but it’s clear that extreme MAGA Republicans’ wish lists will impose devastating cuts on hardworking families, send manufacturing overseas, take health care and food assistance away from millions of people, and increase energy costs — all while adding trillions to the debt with tax cuts skewed to the super-wealthy and corporations.”

“Make no mistake, the longer President Biden waits to come to an agreement, the higher the probability of his administration bumbling into the first-ever default in our nation’s history,” McCarthy wrote on Twitter prior to his speech.

READ ALSO

Biden’s schedule for December 5, 2023 is out

EST 9:00 AM – President Joe Biden receives the Presidential Daily Briefing 9:55 AM – President Joe Biden departs the White House en route to Joint Base Andrews 10:15 AM – President Joe Biden departs Joint Base Andrews en route to Boston, Massachusetts 11:35 AM – President Joe Biden arrives in Boston, Massachusetts 1:45 PM…

Keep reading

Your Serbian Holiday Home Gets Protected With Dunav’s Insurance For Holiday Homes 

As the holiday season approaches, the anticipation of festive preparations fills the air. For owners of holiday homes in Serbia, a valuable gift awaits at their doorstep – Dunav’s specialized insurance designed for holiday homes and unoccupied buildings. Dunav ensures that your holiday escape, whether it’s a serene family house or a cozy apartment, remains…

Keep reading

Star-Studded Lineup: Queen Latifah, Renée Fleming, Billy Crystal, Dionne Warwick, And Barry Gibb At The White House

In a glamorous event at the White House, the Kennedy Center honorees made an entrance into the East Room, marking the commencement of an evening dedicated to cultural celebration. President Biden graced the stage to deliver remarks before the celebrity guests, which included five distinguished honorees: Queen Latifah, Renée Fleming, Billy Crystal, Dionne Warwick, and…

Keep reading

Newsroom at The Pavlovic Today

Leave a comment

Your email address will not be published. Required fields are marked *