During remarks at the New York Stock Exchange on Monday, Speaker Kevin McCarthy (R-Calif.) reiterated calls made by other Republicans to cap discretionary spending at fiscal year 2022 levels and limit growth to 1 percent annually over the next decade — all without “touching Social Security and Medicare.”
He also pushed again for tougher work requirements, as more Republicans set their sights on potential changes to the Supplemental Nutrition Assistance Program (SNAP), previously known as the food stamps program.
McCarthy said Republicans will vote on a plan “to lift the debt ceiling into the next year,” as negotiations over the debt limit remain at a standstill between Republicans and the White House.
As part of the pitch to Wall Street on Monday morning, the Speaker also stressed “full confidence” that the forthcoming Republican plan would help “grow our economy.”
“We will curb inflation and we will protect Social Security and Medicare for the next generation, and America will be stronger for it,” he said. “If you agree, don’t sit back, join us.”
His comments come as Democrats have criticized Republicans over the party’s debt limit strategy, accusing GOP leaders of holding the debt ceiling “hostage,” and raising the chances of a national default — an outcome experts warn would have catastrophic consequences for the economy.
At the same time, Republicans have pointed fingers at Democrats for refusing to negotiate conditions to raise the roughly $31.4 trillion debt threshold, while putting the onus of a potential default on the White House.
“Make no mistake, the longer President Biden waits to be sensible to find an agreement, the more likely it becomes that this administration will bumble into the first default in our nation’s history,” McCarthy said.
