McCarthy’s Speech: Putting Wall Street Over Working Families

As Kevin McCarthy addresses Wall Street, it serves as yet another reminder who Republicans are fighting for – and it’s not hard-working families. While McCarthy doubles down on using the United States’ economy as a bargaining chip, MAGA Republicans are coalescing around an agenda that would give the ultra-wealthy and big corporations a handout, while gutting funding for Social Security, Medicare, health care, law enforcement, American manufacturing — and GOP plans could add trillions to the national debt.

After months of failed leadership and chaotic infighting, Kevin McCarthy’s wish list of dramatic cuts to critical programs that families rely on is coming into focus. 

Washington Post: “House Republicans are finalizing a proposal that would raise the debt ceiling for roughly one year while slashing federal spending and unwinding some of President Biden’s top priorities … In exchange, that proposal would reduce spending at federal health-care, education, science and labor agencies to levels adopted in the 2022 fiscal year, amounting potentially to a roughly $130 billion cut. Those agencies also would be subject to new spending caps, which would limit future budget increases to around 1 percent over the next decade, the sources said.”

Washington Post: “It isn’t even clear if House Speaker Kevin McCarthy (R-Calif.) has united his own, razor-thin majority around the approach”

POLITICO: “House Speaker Kevin McCarthy’s new debt limit negotiating proposal set to be unveiled Monday morning will include broad moves to restrict food assistance for millions of low-income Americans. … Already, the talk of shrinking SNAP, which currently serves 41 million low-income Americans, is raising pressure on many Republicans that represent districts President Joe Biden won in 2020.”

McCarthy’s proposal builds off MAGA Republicans’ economic priorities to make devastating cuts to funding for Social Security, Medicare, health care, law enforcement, American manufacturing job growth and more.  

Washington Post: “House GOP eyes Social Security, Medicare amid spending battle”

Washington Post: “Biden administration warns of ‘damaging’ effects from GOP budget plans”

MSNBC: “Jim Jordan raises prospect of defunding federal law enforcement”

New York Times: “The largest remaining category involves health care spending that benefits lower- and middle-income families, including from Medicaid and Obamacare. Hard-right Republicans, like some in the Freedom Caucus, have signaled they will propose reductions to these programs. Party leaders, for their part, have said they would eye cuts to anti-poverty programs such as food stamps.”

POLITICO: “Senior Republicans in the House and Senate are proposing deep cuts to Medicaid as talks around reducing the deficit intensify ahead of a budget showdown between President Joe Biden and House leaders.”

And it’s no wonder Republicans are taking their message to Wall Street, their economic agenda would be a boon for the ultra-wealthy and special interests – even as it could add trillions to the debt. 

Center on Budget and Policy Priorities: “House GOP’s First Bill: A Misleading Gambit to Protect Interests of Wealthy Tax Cheats”

Committee for a Responsible Federal Budget: “IRS Funding Repeal Could Cost Over $100 Billion, Encourage Tax Cheating”

American Independent: “House Republicans want to repeal Biden’s Inflation Reduction Act. Voters do not.”

While Republicans can’t agree on what they’re threatening to hold our nation’s full faith and credit hostage over, it’s clear they are pushing an agenda that puts Wall Street first and leaves working families behind. And let’s not forget that Republicans voted to suspend the debt ceiling multiple times when Trump was president.

NPR: “In the past, Congress has avoided breaching the limit by simply raising it. But House Republicans said they will not support increasing the debt ceiling this time around — not unless they get spending cuts or other concessions.”

New York Times: “Economists, Wall Street analysts and political observers are warning that the concessions he made to fiscal conservatives could make it very difficult for Mr. McCarthy to muster the votes to raise the debt limit
— or even put such a measure to a vote.”

Washington Post: “GOP lawmakers during the Trump administration voted three times to suspend the debt ceiling.”

Washington Post: “Republicans were fine with the last president signing $4.7 trillion in new deficits into law even before covid-19 hit (plus, trillions more thereafter). Now that a Democrat is president, though, the GOP’s born-again deficit hawks decided that Something Must Be Done about the nation’s fiscal health. It’s not clear what Something is, however, beyond taking a valuable hostage: the nation’s debt ceiling.”