Kevin McCarthy, Joe Biden, and the Deeply Unserious Debate Over the Debt Ceiling

April 19, 2023

An impasse created by years of politicized, myopic decision making in Washington is pushing the federal government ever closer to a dangerous cliff.

by Eric Boehm Reason.com

As the clock ticks toward a possible default on the national debt, Speaker of the House Kevin McCarthy (R–Calif.) and top Democrats in Washington—as well as media allies on both sides—are locked in a staring contest over who can take the matter less seriously.

The latest development in this slow-motion train wreck was a speech McCarthy delivered Monday from the New York Stock Exchange. “Debt limit negotiations are an opportunity to examine our nation’s finances,” he said, stressing that a bill to raise the nation’s debt limit would only get through the House if it was pared with spending cuts. The House will vote on such a bill within “the coming weeks,” McCarthy promised.