With entitlement “reforms” off the table and Republicans divided on defense spending, the Speaker has little to propose and no way to enact it.
In his pitch to Wall Street to cut spending, McCarthy said he had “full confidence” that reducing federal spending would help “grow our economy” and “end the dependence on China.”
“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.” Now that he has talked tough on Wall Street, McCarthy can go back to the very difficult task of turning this proposal into something he can actually get his members to approve with virtually no margin for error, particularly since some of the more extreme members of his conference don’t even believe a debt default would beas long as bondholders are paid.
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