House Speaker Kevin McCarthy is leading his fellow Republicans and keeping the promises that were made to cut spending before raising the federal debt limit.
Janet Yellen, the Treasury Secretary, felt the necessity to write a letter of warning to McCarthy last Friday. She told the speaker not to block the raising of the federal debt limit and claimed that increasing the limit “does not authorize new spending commitments or cost taxpayers money.”
But the chairman of the House Oversight and Accountability Committee, Republican James Comer of Kentucky, said on CNN’s “State of the Union,” “We hope that the Senate, Democrats and Republicans will agree to spending cuts. Look, this has to stop. We cannot continue to operate with these types of deficits.”
He went on to describe how the national debt is one of the biggest threats facing our country’s national security. China keeps leveraging this over us due to the overall strength of its economy.
Comer declared that Republicans were elected and given a mandate from the American people in the midterm elections. He said that they campaigned on the platform of being serious about spending cuts, and he said that the Senate should realize that they are not going to budge until the GOP sees “meaningful reform” with spending.
Rep. Tony Gonzales, a Republican from Texas, told “Fox News Sunday” that the debt ceiling is going to be a “knife fight” in the House.
McCarthy challenged the American people by asking them if they had a child who continually spent beyond the limit on their credit card, would they increase the limit again and again and again?
“We’ve got to change the way we are spending money wastefully in this country, and we’re going to make sure that happens,” McCarthy said.
McCarthy believes that there has been no real oversight from the Democrats and we just can’t continue in the same process.