Washington D.C. – Republican House Speaker Kevin McCarthy’s speech today before the New York Stock Exchange is shaping up to be a spectacular political stunt that will only draw more attention to the Speaker’s failed leadership and lack of a serious path forward to avoid a catastrophic default crisis. McCarthy is expected to deflect blame to President Biden even as McCarthy himself has already admitted the standoff begins and ends with the MAGA House majority, bluntly admitting recently: “We’re never going to move a bill that just raises the debt ceiling.”  

To date, McCarthy has not bothered to put forward a formal plan to avoid default and instead is reportedly “throwing everything at the wall” and patching together a “wish list” of right-wing cuts hurting average American workers, patients, and seniors with “no chance of passing the Senate”, with no evidence it could even pass the MAGA House, and with no mention of billion-dollar corporations or their billionaire donors contributing their fair share in taxes. None of this is expected to change today with McCarthy’s speech to his friends on Wall Street.

Speaker McCarthy is wasting everyone’s time with a desperate political stunt on Wall Street when he should stay in Washington finding a clear path to avoid an economic catastrophe. The buck stops with the Speaker who can’t even find consensus among his own caucus on which ways to punish the middle class, seniors and the most vulnerable. The only thing the extreme MAGA House majority seems to agree on is keeping their billionaire donors and big corporations from paying their fair share, even if it means manufacturing a default crisis.”

Liz Zelnick, Director of Accountable.US’ Economic Security & Corporate Power program.
back to top