House Speaker Kevin McCarthy says he’s looking forward to discussing with President Joe Biden a “reasonable and responsible way that we can lift the debt ceiling” when the two meet Wednesday at the White House.
McCarthy was elected speaker on a historic post-midnight 15th ballot early on Jan. 7, overcoming holdouts from his own ranks and tensions that have tested the new GOP majority ability to govern.
McCarthy has been eager to push Biden to the negotiating table, hoping to make good on the promises the GOP leader made to holdouts during his campaign to become speaker to pare federal spending back to 2022 budget levels, which would be a sizable 8% budget cut. Economists say consequences of a default on the national debt could include higher interest rates, a stock market crash, a recession and massive job losses. NBC's Alice Barr reports.
On Sunday, when McCarthy was asked if he would push cuts to those programs, he said, “Let’s take those off the table.” Pressed on possible defense cuts that he may have promised to House conservatives, McCarthy responded: “I want to eliminate waste wherever it is. ... I want to look at every single department.”
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