Kevin McCarthy proposes Spending Cuts

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Okay, so Kevin McCarthy was at the New York Stock Exchange. And he was there on Monday. And he warned, oh my God, America’s debt is unsustainable. It’s a threat to the nation. And he went after Joe Biden for refusing to negotiate on cost cutting measures. This is in regards.

to the debt ceiling. I’ll quote him here. Without exaggeration, American debt is a ticking time bomb that will detonate unless we take serious, responsible action. Yet how has President Biden reacted to this issue? He has done nothing. The longer President Biden waits to be sensible to find an agreement, the more likely it becomes that this administration will bump into the first default in our nation’s history. Now again, that’s not

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It’s just not true. We discussed that before here on the program. The Constitution won’t allow us default on our debt. Government’s still gonna collect taxes. Janet Yellen is going to have to direct that money to paying our debt, period, the end. So let’s take that and put that aside. I’ve already gone over that here on the program. Anyway, and it’s nice, Kevin, and I appreciate what you’re trying to do, but.

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I’m so sick and tired. I’ve been doing this for so long, talking about spending and, you know, government out of control and recklessness and reckless that and it’s both freaking sides, man. It’s both sides. I am Kevin McCarthy comes out and he talks about, I roll my eyes. Republican signed on. Republican senators signed on to that omnibus spending bill.

that monstrosity, that joke with all the handouts and giveaways. Last week here on the program, we went over, it’s a great piece in the Wall Street Journal, great piece of journalism going into all of the myriad of weapons systems that the Pentagon still has to pay for, not because they want these weapons systems, but because members of Congress like that money going to their district. They like

I don’t care that the money’s being wasted and being flushed down the toilet. They just want that money being flushed down the toilet in their frickin’ district. And I ain’t sorry people, okay? This is not just donkeys. It’s a damn elephants as well. That’s a thing that drives me nuts. Oh my God, I wish I could get off every damn, every damn Republican fundraising email that they send me. You’re pathetic and sad.

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How do you, anybody, how do you people go to Republican media? How do you trust these people? They lie. They lie. You know, at least the Democrats, eh, we’re just gonna keep spending. And they do. And you know, they wanna raise taxes and they wanna continue to spend. At least they’re honest about it. Republicans lie, oh, we’re giving down about spending and all that shit, bullshit.

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Anyway.

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Again, it’s another Wall Street turn talking about this debt ceiling marker. McCarthy wants to go back, he’s part of his debt ceiling deal here. He wants to bring back spending levels to 2022. 2022 then cap the growth of spending 1% annually over 10 years.

for domestic discretionary accounts. Okay, it’s not out of control. And quite frankly, it’s just not that much. Again, they said the Wall Street Journal points out, I mean, I disagree. The negotiating weakness is that Mr. McCarthy didn’t distinguish between defense and social welfare priorities, which suggests that defense could take a hit. Oh no, not that. I’m sorry, people.

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I’m sorry, you know, when you’re when you’re 30 plus trillion dollars in debt, everything is going to have to, you know, take a bit of a hit. Oh, I know, I know. Keep spending because China building a menacing military. Do you have any idea how much more money you spend than China on our military every single year? Oh, I know. US defense spending is only three percent of the economy. Historical low.

You know, maybe we should stop spending ridiculous sums of money on weapons systems that the Pentagon doesn’t want. Maybe we should get a move that money elsewhere. Again, McCarthy also was doing the, um, I gave kudos to McCrone, the anti-Macron. Social Social Security and Medicare won’t be touched. Well, can’t even talk about it.

Okay, Social Security and Medicare, as far as the elephants and donkeys are concerned, it’s like, you know, Voldemort. You can’t say that word.

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Some of the other things that they want to put in this debt ceiling deal is energy and permitting reforms, which passed the House and actually a Democrat votes for it as well. This I like, work requirement for able-bodied adults between 18 and 59 in return for food stamps. Again, I don’t understand the argument against that. Food stamps are Medicaid. If you’re able-bodied, you have to go out and get a job.

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And they wanna claw back some of the COVID money as well. Oh, soon as they put up that claw back the COVID money thing, you’re gonna see all of these states all of a sudden go on a massive spending spree. We gotta spend it. We gotta spend it all before they take it away. That’s how much money is floating around there. You think about our government and how we do our baseline budgeting and every dollar has to be spent by the last week. That’s it.

because fiscal year starts in October, last week in September, worst week of the year for the American taxpayer, gotta spend it all. Again, that’s us on tax day 2023. Man, that’s cute, Kevin, okay? Yeah, maybe we’ll give you a participation trophy. We’ll see what this ends up. See what this ends up, you know, Biden seems to have taken a stand saying, eh.

I’ll push this thing up to the debt limit. And why is he gonna do that? Well, you know, he knows he’s gonna have the media on his side. He knows the media is gonna be on his side and he’s gonna make the Republicans look bad. Again, Republicans could have done more, quite frankly, if they would have rejected the omnibus spending bill. But no, no, no, no, no, no, it’s just too many Republicans there.

that wanted to put up libraries in their district dedicated to themselves and rest areas with urinals dedicated to themselves and all that other bullshit that these dirt bags like to spend money on. Watchdog on wallstreet.com.