In a speech on Monday night, Republican House Speaker Kevin McCarthy of California tore into Democratic President Joe Biden and members of Congress for voting to raise the debt ceiling.
McCarthy made the comments in a corridor leading to the speaker’s balcony before the president’s State of the Union speech.
To the fathers and taxpayers out there: “I speak to you as a former small company owner and as someone who has paid his fair share of taxes. I share many of your concerns about a future that does not seem as safe as it should be,” McCarthy added. Recent years have seen significant shifts in society. At one time, we had a secure southern border. It’s estimated that in the past two years, more than 25 million illegal immigrants have crossed our southern border.
He elaborated, saying, “Americans are getting crushed by increasing prices.” Sixty-six percent of all Americans are currently living from paycheque to paycheque.
Still, “China is entering our culture, our lands, and our airspace because they regard us as weak,” he said. This cannot continue, so to speak.
While acknowledging the gravity of these problems, McCarthy cautioned that they pale in contrast to the danger posed to the United States by its mounting national debt.
It’s only fair that I tell you the truth. He then remarked, “Okay, let’s get down to brass tacks and start with the truth. Our country indeed has a sizable amount of debt. The price is excessive. This is an issue that is only growing worse. The national debt has soared to a staggering $31 trillion. This sum exceeds the whole GDP of the United States. Adding 20% to the original price. Since World War II, our national debt has steadily increased.
It’s estimated that nearly $8 trillion will be spent on interest alone over the next decade if current trends continue. The whole government budget for the current year might be spent on that alone. To a significant extent. That can’t be maintained on either a financial or environmental basis. When debt levels become too high, inflation follows.
McCarthy pointed out that the cost of living has skyrocketed in recent years, blaming the Democratic Party’s money printing under the Biden administration for the problem.
He claimed that the Democrats had raised yearly discretionary expenditure by $400 billion, or 30 percent, over those four years. They ran up huge charges on the national credit card and then abandoned us. And they never once asked for or took any blame for anything. The reality is that they doubled down instead.
The 2021 debt ceiling rise approved by Democrats was the highest in U.S. history. Then, just 13 months later, they maxed up our country’s credit card again,” he went on. For the umpteenth time, President Joe Biden has asked Congress to increase the debt ceiling without proposing any reforms to the wasteful ways in which taxpayer dollars are spent. None.”
The future of greater taxes, higher interest rates, and an economy that doesn’t function for working Americans, McCarthy added, is “not an option,” but neither is defaulting on the national debt.
McCarthy urged Biden to stop dithering over the debt ceiling and instead get down with him to discuss a workable solution.