McCarthy: Biden’s ‘playing with’ markets by refusing to negotiate debt limit, we won’t cut Social Security, Medicare

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During Tuesday’s broadcast of the TBEN Business Network’s “Kudlow,” House Speaker Rep. Kevin McCarthy (R-CA) suggested that President Joe Biden is “playing with America’s financial markets” by refusing to say he will negotiate raising the debt limit and said if Senate Democrats want to raise the limit they will have a budget must approve so that we know what the money is for. McCarthy also said claims that Republicans are going to cut Social Security and Medicare and defaulting on bond payments are untrue.

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McCarthy said, “We have to negotiate the debt. Our entire government is designed to compromise. Republicans control the House. The Democrats have a slim majority in the Senate. And he is the chairman. He’s toying with America’s financial markets by saying he wouldn’t negotiate. … Doesn’t he believe there isn’t one dollar 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 approved a budget.”

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Host Larry Kudlow then said, “And Mr. Speaker, the other thing is these little White House teats, they say 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 replied, “None of that is true. And that’s the bad part here, first the government said they didn’t want to negotiate, and then they wanted to play politics. Why are they so afraid to sit down and see where you can eliminate waste? I think that every household, every company, every state cannot go into debt. They must have a balanced budget, every city and county. Why do they think they are different? This is why we’re in this mess, with the Democrats’ one-party control, increasing discretion by 30%, the Senate didn’t even pass a budget or appropriation bills last time. So they never even told America where they were going to spend the money. Before you raise the debt limit, why don’t we say pass a budget and tell us what you want money for if you just want to raise it? Wouldn’t that be justified?”

Follow Ian Hanchett on Twitter @IanHanchett

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