The economy is teetering on the brink of a major recession or worse.
Treasury Secretary Janet Yellen is warning that the debt ceiling could be reached as early as June if Congress fails to take action.
But Kevin McCarthy told Joe Biden four words about raising taxes and increasing the debt ceiling that has all hell breaking loose.
During the battle over electing a Republican Speaker, conservatives won concessions from Kevin McCarthy to cut spending and use the debt ceiling as leverage against Joe Biden’s radical agenda.
Now that he is Speaker of the House, McCarthy appears to be making good on his promises made to conservatives.
Last Wednesday, House Speaker Kevin McCarthy sat down for a long-form interview with Breitbart News in his office at the Capitol.
In the hour-long interview, McCarthy discussed a number of topics like the January 6 surveillance footage, allegations of Biden family corruption and influence peddling, the border crisis, and the threat posed on the country by the Communist Chinese.
McCarthy also discussed the looming debt ceiling battle in Congress.
In order to help Americans understand the issue, he compared it to a parent giving a child a credit card.
“Look, the debt ceiling is very serious—and we’ve got to understand what the debt ceiling is and just to put it down it’s like providing your child with a credit card,” McCarthy said. “They charge all the way up to the limit, and you’re responsible for paying it,” he continued, before adding, “but do you raise the limit without changing the behavior or do you change the behavior?”
McCarthy pointed out that America is already more than $31 trillion in debt, which will cost $10.5 trillion just to pay off the interest over the next decade.
“Every great society collapses when they overextend themselves,” McCarthy said.
As for Joe Biden’s demand to hike taxes to raise the debt ceiling, McCarthy made it clear that was not on the table.
“The one thing I firmly believe,” McCarthy said, is that “we’re not going to raise taxes and we’re not going to pass a clean debt ceiling.”
“I told the President we have to spend less money,” McCarthy added.
McCarthy said he told Biden that “we can sit down and we can talk,” but the President believes “you should just raise the debt ceiling and not negotiate.”
Over the last two years, Mitch McConnell and Senate RINOs caved in on the debt ceiling and allowed Biden to spend trillions of dollars.
But now that Republicans control the House, as long as McCarthy refuses to budge, the GOP will be able to use the debt ceiling battle to stop Joe Biden’s radical agenda.