House Speaker Kevin McCarthy says Biden's administration has agreed to a new debt ceiling negotiation structure and emphasized Republicans 'don't want to have a Biden default.'
House Speaker Kevin McCarthy provides insight on the debt ceiling negotiations on 'Kudlow.'
"We've got to spend less than we spent before to curb inflation," McCarthy noted. "We've got to be able to build things in America again. That's where we're going to cut red tape, let projects and permitting process actually work."for two years and nobody spent. That’s common sense," the House Speaker continued. "Why do we have to fight over that to bring that back to the hardworking taxpayer? That's what's crazy.
While the GOP’s debt ceiling bill may not "solve all of our economic problems," the House Speaker further argued it will improve the state of the economy. "If you look at the 50-year average, the amount of money that we bring into government, normally you bring in about 17% of GDP. We're bringing in 20%," McCarthy claimed of the Limit, Save, Grow Act. "Only two times in modern history have we ever met this, in 1944 and 2000."
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