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

President Biden Unveils Comprehensive Executive Actions To Boost Economic Well-Being of Military And Veteran Spouses

President Joe Biden, accompanied by First Lady Jill Biden, is poised to introduce a package of executive actions aimed at fortifying the economic welfare of military and veteran spouses, caregivers, and survivors. These measures highlight the administration’s steadfast dedication to supporting the military-connected community and acknowledging their crucial role in the recruitment and readiness of…

Keep reading

Trump Facing Prosecution For Obstruction And Espionage Act Violations

Former President Donald Trump is facing prosecution for alleged obstruction of justice and violations of the Espionage Act in relation to national security documents held at his Mar-a-Lago estate. Multiple sources familiar with the matter have disclosed that federal prosecutors have charged Trump, signifying a historic development and carrying significant legal implications for the former…

Keep reading

Kevin McCarthy Weighs In On Trump Indictment

House Speaker Kevin McCarthy  has reacted on Thursday to the news of Trump indictment. “It is unconscionable for a President to indict the leading candidate opposing him. Joe Biden kept classified documents for decades,” McCarthy stated on Twitter. “I, and every American who believes in the rule of law, stand with President Trump against this grave…

Keep reading

Sunak-Biden Alliance: A Game-Changer For The Special Relationship

Rishi Sunak’s trip across the Atlantic culminated in a rendezvous at the White House, where he engaged in a tête-à-tête with President Biden, unveiling a new economic partnership. The Pavlovic Today reported earlier on the bipartisan optimism expressed by Speaker McCarthy and Senator Schumer regarding the economic partnership between the United States and the United…

Keep reading

Biden’s schedule for June 9, 2023 is out

10:00 AM President Biden departs the White House en route to Joint Base Andrews 10:30 AM President Biden departs Joint Base Andrews en route to Goldsboro, North Carolina 11:45 AM President Biden departs Goldsboro, North Carolina en route to Elm City, North Carolina 12:05 PM President Biden arrives in Elm City, North Carolina 1:10 PM…

Keep reading

Leave a comment

Your email address will not be published.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