House Speaker Kevin McCarthy offered a double-barrelled message as countdown to ‘X-date’ looms
The United States won’t go into default on its debt, House Speaker Kevin McCarthy predicted Wednesday — but the highest-ranking Republican on Capitol Hill also said it won’t be his fault if it does.
“I don’t think there’ll be a default, and I don’t see how you would blame Republicans,” McCarthy told a news conference on Capitol Hill. Congressional negotiators were meeting with their counterparts at the White House in an effort to resolve the impasse, although there was no word Wednesday whether McCarthy would sit down again with President Joe Biden.
Experts say a U.S. default, even for a short time, would have deep and wide-ranging economic repercussions across the continent and around the world. In the U.S., discretionary programs cover a wide range of government priorities, including defence, education, housing, environmental protection and a range of public health measures and medical research.“We’ve got more revenue coming in to our coffers than at any time in American history. The problem is the Democrats had been in power, and they increased the amount of spending to the highest level we’ve ever had, at any time in American history,” he said.
There will be consequences before then, she added, saying Treasury’s borrowing costs for securities maturing in early June have already gone up, and that waiting until the last minute “can cause serious harm” to business and consumer confidence.
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