The decade's most triggering comedy
House Speaker Kevin McCarthy (R-CA) touted victories that conservatives secured over the weekend as lawmakers reached a last-minute agreement to avoid the U.S. defaulting on its debt.
McCarthy told Shannon Bream on Fox News’ “Fox News Sunday” that most Republicans were excited by the agreement because lawmakers were able to cut spending for the first time in a long time.
McCarthy noted that the agreement was especially impressive considering Republicans were able to secure it despite the fact that President Joe Biden said he would not negotiate.
“Maybe it doesn’t do everything for everyone, but this is a step in the right direction that no one thought that we would be able to today,” McCarthy said. “I’ll debate this bill with anybody. Is it everything I wanted? No, because we don’t control all of it. But it is the biggest rescission in history. It is the biggest cut Congress has ever voted for in that process.”
McCarthy touted the agreement during a brief press conference with reporters on Saturday evening and another on Sunday morning.
“We still have a lot of work to do, but I believe this is an agreement in principle that is worthy of the American people,” McCarthy said. “It has historic reductions in spending, consequential reforms that will lift people out of poverty into the workforce, [and] rein in government overreach. There are no new taxes, no new government programs…”
McCarthy said he expects the text of the bill to be posted on Sunday, with a vote to be held on Wednesday.
Treasury Secretary Janet Yellen warned that the federal government could default on June 5 if an agreement isn’t finalized. “We now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5,” Yellen stated.