{"id":1806859,"date":"2023-01-16T07:50:30","date_gmt":"2023-01-16T12:50:30","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1806859"},"modified":"2023-01-16T07:54:16","modified_gmt":"2023-01-16T12:54:16","slug":"kevin-mccarthy-debt-limit-should-be-treated-like-our-own-household","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kevin-mccarthy-debt-limit-should-be-treated-like-our-own-household\/","title":{"rendered":"Kevin McCarthy: Debt Limit Should Be Treated &#8220;Like Our Own Household&#8221;"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fkevin-mccarthy-debt-limit-should-be-treated-like-our-own-household%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1806859&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>House Speaker <a href=\"https:\/\/www.theepochtimes.com\/t-kevin-mccarthy\">Kevin McCarthy<\/a> (R-Calif.) previewed Republicans\u2019 strategy regarding how to handle the U.S. <a href=\"https:\/\/www.theepochtimes.com\/t-debt\">debt<\/a> Limit after Treasury Secretary <a href=\"https:\/\/www.theepochtimes.com\/t-janet-yellen\">Janet Yellen<\/a> The limit will be reached next Wednesday, it was warned.<\/p>\n<p>Analysts believe that the battle over the debt ceiling could become a political showdown with Republicans trying to tie the raising of the debt limit to other provisions. Some suggested that spending cuts should be included in a debt limit agreement.<\/p>\n<p>\u201cWhat I really think we would do is treat this like we would treat our own household. If you had a child, you gave them a credit card, and they kept hitting the limit, you wouldn\u2019t just keep increasing it. You\u2019d first see what you\u2019re spending your money on. How can we cut items out?\u201d McCarthy told Fox News\u2019 \u201cSunday Morning Futures.\u201d \u201cEvery government has to do this. Every state has to balance their budget, county, city. For the White House to say they won\u2019t even look at it, that they can\u2019t find one penny out of $1 of eliminating waste, I think they\u2019re just trying to put us into bankruptcy.\u201d<\/p>\n<p>McCarthy seemed to support some members who said they wanted spending to be reined back in during the interview. McCarthy was reportedly open to making concessions with various Republican groups before he was elected speaker after 15 rounds.<\/p>\n<p>\u201cThis is not our money. This is the hard-working taxpayers\u2019 money. We should start every day with how can we be more efficient. How can we deliver more effectively to the American public. And how can we do it in a more secure way that we don\u2019t spend as much?\u201d The House speaker stated. \u201cWhy would we sit back and be so arrogant to say \u2018no, there\u2019s no waste in government\u2019? Why wouldn\u2019t we look at all the money that poured out during COVID? What money of that has not been spent? Why wouldn\u2019t you pull that back yet?\u201d<\/p>\n<p>A letter prompted his comments. <a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Debt-Limit-Letter-to-Congress-McCarthy-20230113.pdf\">sent<\/a> Yellen addressed congressional leaders warning that the ceiling would be breached again. Based on projections, Yellen stated that it would be reached by January 19, prompting the federal government&#8217;s take. \u201ccertain extraordinary measures\u201d including suspending\u00a0new investments of the Postal Service Retiree Health Benefits Fund and the Civil Service, Retirement, and Disability Fund, as well as other, similar programs.<\/p>\n<p>\u201cFailure to meet the government\u2019s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability,\u201d Yellen wrote. It\u2019s not clear, she added, how long those measures would enable the government to pay its obligations but said it is \u201cunlikely that cash and extraordinary measures will be exhausted before early June.\u201d<\/p>\n<p>Treasury data on Wednesday showed that the U.S. Federal Debt was $78 billion less than the limit. The Treasury also had a cash reserve of $346.4 Billion. The department reported Thursday a $85 Billion December deficit. Revenues declined and outlays increased, particularly for debt interest.<\/p>\n<figure id=\"attachment_4837221\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/Treasury-Janet-Yellen-1431042284-1200x765-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy wp-image-4837221 size-large\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/Treasury-Janet-Yellen-1431042284-1200x765-1.jpg\" alt=\"Epoch Times Photo\" width=\"640\" height=\"408\"   style=\"display:none\"><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4837221 size-large\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/Treasury-Janet-Yellen-1431042284-1200x765-1.jpg\" alt=\"Epoch Times Photo\" width=\"640\" height=\"408\" \/><\/noscript><\/figcaption><\/a> Janet Yellen, Secretary of the Treasury, at the Center for Global Development, Washington, D.C., Oct. 6, 2022 (Alex Wong\/Getty Images)<\/figure>\n<p>\u201cIt is therefore critical that Congress act in a timely manner to increase or suspend the debt limit. Failure to meet the government\u2019s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability,\u201d McCarthy was also addressed by Yellen. Similar letters were sent out to House and Senate leaders.<\/p>\n<p>Some analysts have proposed that the Treasury can bypass the crisis by minting a multitrillion-dollar platinum coin and putting it in the government\u2019s account, an idea widely viewed as an outlandish gimmick. Some argue that the U.S. Constitution is being violated by the debt ceiling. A legal challenge could follow if the Biden administration used that argument.<\/p>\n<h2>Preview of Fight<\/h2>\n<p>House Republicans were able to use the debt ceiling in 2011 to force President Barack Obama to limit discretionary spending. For most of the remaining decade, spending caps remained the same.<\/p>\n<p>In a preview of a potential fight with the GOP press secretary Karine Jean-Pierre, White House press secretary, stated last week that a debt limit hike should not be negotiated.<\/p>\n<p>\u201cThis is not political gamesmanship,\u201d She told reporters Jan. 13 that she believed it. \u201cshould be done without conditions.\u201d<\/p>\n<p>Hakeem Jeffries (D.N.Y.), House Minority Leader, and Chuck Schumer (D.N.Y.), stated in a statement. \u201cextreme MAGA Republicans\u201d This could be a long-lasting battle. \u201cplunge the country into a deep recession and lead to even higher costs for America\u2019s working families on everything from mortgages and car loans to credit card interest rates.\u201d<\/p>\n<p><em>This report was compiled by Reuters<\/em><\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-jack-phillips\"><img decoding=\"async\" src=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2019\/06\/13\/Jack-Phillips.jpg\" alt=\"Jack Phillips\" \/><\/a><\/p>\n<div class=\"names\">\n<p>Breaking News Reporter<\/p>\n<\/div>\n<\/div>\n<p>Jack Phillips is a Senior Reporter for The Epoch Times. He is based out of New York. He reports on breaking news.<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>House Speaker Kevin McCarthy (R-Calif.) previewed Republicans\u2019 strategy regarding how to handle the U.S. debt Limit after Treasury Secretary Janet Yellen The limit will be reached next Wednesday, it was warned. Analysts believe that the battle over the debt ceiling could become a political showdown with Republicans trying to tie the raising of the debt &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1806862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[5458,5487,7510,3660,3729,6612,3663,3819,15029],"class_list":["post-1806859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-bongino","tag-debt","tag-household","tag-kevin","tag-like","tag-limit","tag-mccarthy","tag-report","tag-treated"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1806859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1806859"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1806859\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1806862"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1806859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1806859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1806859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}