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Kevin McCarthy Went to Wall St. To Sell His ‘Debt-Ceiling Hostage-Taking’ Scheme – It’s Not Going Well

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Speaker of the House Kevin McCarthy traveled to Wall Street on Monday, the financial capital of the world, to deliver a speech at the New York Stock Exchange demanding President Joe Biden negotiate with him on the debt ceiling while he unveiled what is being called his latest “scheme” – taking the debt ceiling “hostage,” failing to produce his long overdue budget, and revealing that it will include a requirement that people who use food stamps to survive will to have to work to get them.

It hasn’t been well received.

In fact, most aspects of his speech, and even his choice of venue, have been thoroughly lambasted, discredited, or just mocked over the past 24 hours.

“Kevin McCarthy literally going to the New York Stock Exchange to pitch cutting food stamps for poor people is… well, there’s a reason why people think Kevin is an idiot,” tweeted Vox’s generally reserved Ian Millhiser.

“Today at the NYSE, Speaker McCarthy explained his scheme to slash food aid for low-income Americans to his true constituents: Wall Street and massive corporations who pay little to no taxes,” tweeted the New York Working Families Party.

“Delivering today’s speech threatening our economy at the New York Stock Exchange shows Speaker McCarthy is either in denial about the danger of his threats or intentionally hoping for market turmoil,” tweeted U.S Rep. Brendan Boyle (D-PA). “I’m not sure which is worse.”

It wasn’t just the venue. Far from it.

READ MORE: ‘Weaponization’: Nadler Blasts Jordan for Doing Trump’s ‘Bidding’ With NYC Field Trip Targeting DA Bragg (Live Video)

Sentate Majority Leader Chuck Schumer on Tuesday railed against McCarthy’s speech: “I’ll be blunt, if Speaker McCarthy continues in this direction, we are headed to default.”

It gets worse for McCarthy.

Indeed, McCarthy’s “argument is out of date,” wrote noted author and professor of history Heather Cox Richardson overnight in her Substack newsletter.

“It’s time to get Americans back to work,” McCarthy on Monday declared, despite unemployment having hit a 54-year low, (and a new historic low for Black unemployment), as the Speaker blamed President Joe Biden, alleging he’s keeping Americans from obtaining employment.

McCarthy repeatedly promised he “will grow the economy,” as he promised to bring jobs back from China, while complaining that “there are more job openings than people who are looking for jobs.”

He touted House Republicans’ HR 1 legislation, the “Lower the Energy Cost Act,” that “makes us less dependent upon China, and it brings jobs back to America that will grow the economy,” he said.

Now, we should presume that McCarthy has an economist on staff, hopefully. But it does not appear so, because what he’s promising doesn’t actually work.

Economists tell us that inflation is still at higher levels because the economy is growing too fast – which is why the Federal Reserve keeps raising interest rates, literally to slow the growth so we don’t explode into a recession. And yet McCarthy wants to grow the economy which in theory will lead to higher inflation.

“I have full confident [sic] that if we limit our federal spending, if we save the taxpayer money,” said Speaker McCarthy, in his unique manner. “If we grow our economy, yes we will end the dependence on China, we will curve [sic] inflation, and we will protect Social Security and Medicare for the next generation.”

“In reality,” Professor Richardson observes, “the inflation that plagued the U.S. as it reopened from the worst days of the Covid-19 pandemic has slowed dramatically, making it clear that the policies of the Biden administration are working. As Jennifer Rubin noted yesterday in the Washington Post, the annual inflation rate for producers is 2.7%—the lowest rate in more than two years—while consumer price increases are at their lowest point since May 2021: 5%. Gasoline prices have dropped 17.4% since the high prices that followed Russia’s invasion of Ukraine. The overall declines mark nine months of slowing inflation.”

She goes on to deflate McCarthy’s claims.

“At the same time, labor force participation is at record high levels,” Richardson notes. “Real incomes—that is, incomes after inflation is factored in—have risen 7% for those making $35,000 a year or less and 1.3% across the whole economy. Meanwhile, the deficit has dropped more than $1.7 trillion in two years.”

READ MORE: ‘I Don’t Need Statistics’: GOP Congresswoman Says Locking Up Her Guns Will Not Make Her and Her Children Safer

McCarthy also said he wants to create more job openings, while acknowledging that there aren’t enough people to fill the job openings we currently have.

Which is why, just like Arkansas Governor Sarah Huckabee Sanders, and Iowa Republicans gutting child labor laws to allow America’s most vulnerable population to work adult jobs, Speaker McCarthy is looking for anyone (except the people staring him in the face: undocumented immigrants, and migrants from Central America) to fill those jobs.

Instead, McCarthy wants to put Americans to work, Americans who for many reasons need government assistance – food stamps – while ignoring that most families on food stamps already have people working at least one job.

“Our proposal will also restore work requirements that ensure able-bodied adults without dependents, earn a paycheck, and learn new skills that will grow our economy and help the supply chain. Right now there are more job openings than people who are looking for jobs. You know why? It’s in part because of the Biden administration weakened work requirements,” McCarthy claimed. “Incentives matter. And the incentives today are out of whack. It’s time to get Americans back to work. Don’t believe anyone who says our plans hurt Americans’ social safety net.”

“We are very generous nation,” McCarthy claimed, ignoring that most industrialized nations provide far more services, like universal healthcare. “A hand up, not a hand out,” he said invoking Ronald Reagan, but just the parts that fit his narrative, not the main focus of his speech.

What was the main focus of his speech?

The debt ceiling. And his desire to negotiate over it — or, as many are saying, holding the nation hostage to fringe House Republicans’ demands.

“McCarthy is trying to hide the Republicans’ own bumbling disarray,” tweeted Richardson. “Congress negotiates over the BUDGET, not the debt ceiling, which simply pays for bills already rung up in large part by the Republicans themselves. But they can’t agree on a budget, so are screaming about Biden.”

Pointing to his Morning Memo titled, “This Is The Dumbest Debt Ceiling Fight Ever,” Talking Points Memo executive editor David Kurtz tweeted, “Speaker of the House Kevin McCarthy (R-CA) has such a tenuous grip on his own conference that the debt-ceiling hostage-taking he is attempting to pull off has all the hallmarks of the bumbling kidnapping capers you see in the movies.”

Professor Richardson actually had a lot more to say about Speaker McCarthy in her newsletter.

“McCarthy has not offered a budget proposal because the Republican conference cannot agree on one,” she says, noting he is “trying to use the threat of national default to extract the cuts extremist members of his conference want. The Biden administration has made it clear that it will not negotiate over paying the nation’s bills, especially since about a quarter of the debt was accumulated under former president Trump, $2 trillion of it thanks to tax cuts for the wealthy and corporations. In those years, Congress raised the debt ceiling three times. Biden presented his own long, detailed budget, full of his own priorities, as a start to negotiations in March, and he says he is eager to sit down and hammer out the budget once McCarthy produces his own plan. McCarthy is trying to deflect from his inability to do that but is confusing the issue, suggesting that he has the right to negotiate instead over whether or not to pay our bills.”

READ MORE: Watch: Kevin McCarthy Leads Over a Dozen Republicans in Prayer at Event Co-Sponsored by Five Anti-LGBTQ Hate Groups

House Democratic Minority Leader Hakeem Jeffries’ spokesperson, Christie Stephenson, on Monday blasted “Speaker McCarthy’s refusal to produce a Republican budget,” and his New York Stock Exchange speech:

“A speech is not a plan. Extreme MAGA Republicans continue to treat the full faith and credit of the United States as a hostage situation while their so-called budget proposal remains in the witness protection program. As always, we will evaluate any legislative text when and if House Republicans can ever agree with themselves about how much they want to devastate American families in order to finance tax cuts for the wealthy, well-off and well-connected.”

Watch video of Speaker McCarthy’s speech below, Majority Leader’s Schumer’s remarks above, or both at this link.

 

 

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COMMENTARY

‘See How Easy That Is to Say?’: GOP Mocked for ‘Weaponization’ of DOJ Claims as Democratic Senator Gets Indicted

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1 day ago

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September 22, 2023

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The U.S. Dept. of Justice unsealed an indictment against U.S. Senator Bob Menendez late Friday morning, accusing the New Jersey Democratic lawmaker of bribery as prosecutors showed photos of gold bars and nearly half-a-million dollars in cash stuffed into a jacket that bears his name and the seal of the U.S. Senate.

Many on the left immediately demanded Senator Menendez resign, a demand he is refusing. He will step down as chairman of the Foreign Relations Committee, which Senate Democrats require when a chair is criminally charged.

It took little time for liberals to mock Republicans who have been claiming President Joe Biden and Democrats in general, along with the “deep state,” have “weaponized” the Dept. of Justice against conservatives, especially after Donald Trump’s four indictments on a total of 91 criminal felonies.

“Let me get this straight,” wrote journalist and progressive SiriusXM host Dean Obeidallah. “To the GOP, when DOJ indicts President Biden’s son and a senior Democratic US Senator that is great. But when DOJ indicts Donald Trump for attempting a coup and for 32 counts of Espionage that is DOJ’s ‘weaponization’ of criminal justice?!”

READ MORE: Pete Buttigieg Just Testified Before Congress. It Did Not Go Well for Republicans.

“This is the second time that Sen. Bob Menendez has been indicted for corruption. He needs to resign and allow Gov. Murphy to fill that vacancy with someone who does right by the people of New Jersey,” wrote former Human Rights Campaign press secretary Charlotte Clymer. “See how easy that is to say, GOP?”

Journalist, author, and former Clinton White House aide Keith Boykin posted video of the prosecutor announcing the indictment.

Boykin later sarcastically commented, “There goes Biden again weaponizing the Justice Department to prosecute political leaders in his own party.”

“President Joe Biden’s weaponized Department of Justice has now indicted Democratic Senator Bob Menendez and *checks notes* Joe Biden’s son,” observed veteran intelligence officer, activist, and social media personality Travis Akers.

Attorney and former Republican George Conway quickly responded, saying, “senile sleepy Joe is playing 65-dimensional chess again.”

READ MORE: ‘Sexy’: Comer Obtains Unredacted Emails to VP Biden Revealing Women ‘Privately Mused’ They Found Him Attractive

“Menendez should resign. Today,” demanded historian and author Kevin M. Kruse.

“One of the nice things about rule of law is that truly believing in it ensures that you don’t end up as a partisan hypocrite,” observed The Atlantic’s Brian Klaas, an associate professor in global politics at University College London. “If Menendez is guilty, he should go to prison as anyone else would. (And it would be prudent to resign swiftly).”

Meanwhile, some used Friday’s indictment of Sen. Menendez to focus on other political figures.

Foreign policy, national security and political affairs analyst and commentator David Rothkopf, warned, “The Memendez case should have Jared [Kushner] and Clarence [Thomas] ordering extra strength Tums today.”

Rachel Bitecofer, the political strategist and analyst also appeared to point the finger at Justice Thomas and his wife, Ginni.

READ MORE: ‘Total Breakdown’: House Sends Members Home – Experts Warn ‘Republicans Can’t Govern’ And Have No ‘Working Majority’

 

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COMMENTARY

‘Total Breakdown’: House Sends Members Home – Experts Warn ‘Republicans Can’t Govern’ And Have No ‘Working Majority’

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2 days ago

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September 21, 2023

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Nine days before an increasingly-likely shutdown of the federal government of the United States, Speaker Kevin McCarthy has effectively adjourned the House for the rest of the week, with GOP leadership telling members they may go home and come back next week, after a procedural vote to fund the Dept. of Defense failed for the second time this week.

Fox News’ Chad Pergram reports, “Note that the House has not officially dismissed everyone.. but everyone expects they are done for the week. Why? They House lacks the VOTES TO ADJOURN.”

He later added that “Things are very fluid,” and “there could be votes TOMORROW or this weekend still in the house. This could be a problem if some members already got on flights.”

Fox News online is reporting, “House abruptly cancels votes for the week without spending deal after series of defeats for GOP leaders,” and notes members are not expected back until Tuesday.

READ MORE: ‘Just Want to Burn the Whole Place Down’: McCarthy Rails Against House Republicans as GOP Conference Explodes in Chaos

McCarthy this week has repeatedly denigrated and attacked the extremist members of the House Republican conference on camera to reporters, and Thursday was no different, saying, “This is a whole new concept of individuals that just want to burn the whole place down.”

U.S. Senator Chris Murphy (D-CT) blasted House Republicans upon hearing the House was about to adjourn for the week.

“What you need to understand is that chaos is the point for a big chunk of House Republicans. They came to congress to BURN THE GOVERNMENT TO THE GROUND,” the Connecticut Democrat wrote. “Their goal is a shutdown.”

The sentiment is being echoed by political experts, but many of those are placing the blame on Speaker McCarthy.

Democratic strategist Sawyer Hackett, senior advisor to former Obama Cabinet secretary Julián Castro Thursday afternoon wrote: “Reminder: Kevin McCarthy could put a clean bill to fund the government on the floor right now and it would pass easily. Instead, he’s sending members home for the weekend with 9 days until a shutdown—all because he’s afraid he’ll lose his job.”

Evidence that the far-right extremist House Republicans, led by U.S. Reps. Matt Gaetz (R-FL) are effectively in control comes via Punchbowl News co-founder Jake Sherman:

At 1:13 PM ET Sherman posted that Rep. Gaetz had “just emerged from” Speaker Kevin McCarthy’s suite. “Gaetz said that he’s advocating for pausing consideration of the Pentagon spending bill and moving to bills that cut spending. He mentioned: State-Foreign Ops, Agriculture, Energy and Water.”

READ MORE: Pete Buttigieg Just Testified Before Congress. It Did Not Go Well for Republicans.

Sherman noted that Gaetz “said again there are not enough votes” for a continuing resolution, legislation to keep the government open temporarily, possibly 30 days past the September 30 deadline.

“Just to review, the plan right now is to begin passing 11 appropriations bills with relatively open rules allowing for amendments between next tues (possibly wed) and Sunday.”

At 2:40 PM, Sherman added, “This is now the strategy. They’re going to bring up individual approps [appropriations] bills next week, per lawmakers who just met with @SpeakerMcCarthy.”

Congressman Gaetz’s “strategy is now house gop’s plan, Sherman wrote, to which Gaetz replied: “God Bless America.”

Others were less pleased.

Veteran foreign policy journalist Laura Rozen wrote: “truly insane. Mccarthy surrendered to Gaetz.”

Even before McCarthy adjourned the House for the rest of the week, political experts had warned the volatile situation was worse than it may have appeared.

Sherman, late Thursday morning, issued this warning on social media after the failed Defense Dept. vote: “Just to put this in context, republicans cannot even agree to debate the pentagon spending bill. This bill usually passes by big margins. It failed twice this week. Kevin mccarthys House Republicans are in a state of crisis.”

READ MORE: ‘Good Riddance’: Experts Blame Rupert Murdoch for ‘Intellectual and Moral Decay’ of America, Issue Warning on Future

Josh Chafetz, Georgetown Law professor of law and politics, responded to Thursday’s failed Defense Dept. procedural vote, writing: “if you can’t pass the procedural stuff you don’t have a working majority.”

Aaron Fritschner, the Deputy Chief of Staff to U.S. Rep. Don Beyer (D-VA) is calling the state of the GOP House a “total breakdown.”

“I started working in the House nearly 11 years ago, I’ve seen some crazy days and some chaotic votes but never seen anything like what is happening with this majority. Just a total breakdown,” he wrote Thursday morning.

Professor and American historian Aaron Astor on Thursday asked, “Does the GOP actually have a working majority in the House?”

Veteran journalist John Harwood quickly replied, “clearly not.”

 

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‘Good Riddance’: Experts Blame Rupert Murdoch for ‘Intellectual and Moral Decay’ of America, Issue Warning on Future

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2 days ago

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September 21, 2023

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Rupert Murdoch‘s announcement he is stepping down as chairman of Fox Corp. and News Corp. circulated rapidly Thursday morning, with critics celebrating the exit of the billionaire media mogul some are blaming for the “intellectual and moral decay of our society.”

Murdoch created Fox News, which he launched in October of 1996. His massive empire also includes the New York Post and the Wall Street Journal, along with dozens of other media outlets in the U.S. and around the world.

“I have decided to transition to the role of Chairman Emeritus at Fox and News,” his letter, addressed to “Dear Colleagues,” reads. One of his sons, Lachlan Murdoch, “will become sole Chairman of both companies.”

“My father firmly believed in freedom,” Murdoch adds, “and Lachlan is absolutely committed to the cause. Self-serving bureaucracies are seeking to silence those who would question their provenance and purpose. Elites have open contempt for those who are not members of their rarefied class. Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth,” he claimed.

READ MORE: ‘Another Alleged Instance of Obstruction’: New ‘Rock Crusher’ Revelation Makes Case Against Trump Even Stronger Expert Says

The Washington Post’s Aaron Blake was among the many who pointed to Murdoch’s “elites” remark.

“Murdoch in his letter: ‘Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth,'” Blake writes, before pointing to court documents from the Dominion Voting Systems lawsuit Fox News settled for $787 million. “Murdoch in the Dominion documents: Showing exceeding concern about angering the most powerful man in the world [Donald Trump] by telling the truth.”

Author, editor, and professor of international relations, Nicholas Grossman, also focused on Murdoch’s “elites” remark.

“Rupert Murdoch’s parents had the titles of Sir and Dame. He’s a multi-billionaire, and very influential, owning prominent news outlets in the US, UK, and Australia. The notion that Murdoch, of all people, is not elite, and not in cahoots with media, is ridiculous, absurd, insane.”

Although Murdoch’s move is not effective until the shareholders’ meeting in November, his announcement comes just one day after a Vanity Fair interview with author Michael Wolff: “Murdoch Chronicler Michael Wolff Foresees the Fall of Fox News: ‘It Will Cease to Exist in Its Present Form.'”

“Now, with The Fall: The End of Fox News and the Murdoch Dynasty, Wolff has directed his poison pen back to a topic that helped make his name,” Vanity Fair’s Joe Pompeo writes.

READ MORE: ‘Brazen and Misguided’: Schumer Decimates Tuberville’s ‘Act of Desperation’ – and Threatens to Hold Senators in DC

Wolff’s focus is on what happens to Fox News after the 92-year old Rupert Murdoch dies, and how his more liberal son James might impact the media empire.

“I think it will cease to exist in its present form,” after Murdoch’s death said Wolff. “I think it will go into a radical transition in which, either James Murdoch will take over and change it into something else, or they will sell it. Fox has existed in its present state just for one reason: It’s controlled by Rupert Murdoch, who is the one man who can stand up, or has been able to stand up, to the political and social opprobrium at a fierce, fierce level, and to do this for the sake of making enormous amounts of money. But when he departs, that changes very clearly and very quickly.”

Wolff added he thinks the “logical” decision will be to sell off Fox News.

“I think it’s more logical, at any rate, to sell the whole damn thing. And I think the position that cable television news is not going to get more valuable, it’s only going to get less valuable, is persuasive.”

Wolff Thursday morning reposted this photo:

Political and journalism experts, like foreign policy, national security and political affairs analyst and commentator David Rothkopf, on Thursday cheered the Murdoch news and denounced his reign.

READ MORE: White House Mocks GOP With ‘Worst Person You Know’ Meme After Matt Gaetz Blames McCarthy for Shutdown

“On this happy day on which Rupert Murdoch has announced his retirement, let us reflect on the fact that no single individual has done more damage to Western democracy or more for the intellectual and moral decay of our society during the past half century than Rupert. Good riddance,” wrote Rothkopf.

“I believe one could accurately argue that Rupert Murdoch did more to corrode American democracy and fuel division than any other individual in modern history,” wrote veteran intelligence officer, activist, and social media personality Travis Akers. “His departure from Fox News leaves a wake of public distrust, violence, and a nation in a cold civil war.”

Author and former Chicago Tribune editor Mark Jacob adds, “Millions of Americans are more ignorant and less loyal to our democracy because they got their’news’ from Rupert Murdoch.”

MSNBC’s Medhi Hassan wrote: “As Rupert Murdoch announces his ‘retirement’, a reminder that some of the worst things we have had to experience in recent years – the Iraq war, the rise of Trump, the Big Election Lie – are all thanks to him and to Fox.”

Media Matters for America President Angelo Carusone served up this warning:

“Lachlan Murdoch is worse than Rupert Murdoch, so you’ll basically just get a more malevolent version of Fox that will also be even more chaotic since Lachlan is both a less competent leader and Fox is facing an especially turbulent period that Lachlan has no idea how to navigate.”

With an eye to the future, veteran journalist Kara Swisher offered this on Lachlan Murdoch: “Prediction: It will be a short reign of the crown prince — after the old man goes, the other siblings will have the con and it will all be sold off (Elon? Right leaning PE firm or media org?).”

Media Matters’ Madeline Peltz also glimpsed into what the future might look like under Lachlan’s leadership.

“Lachlan Murdoch is now the sole chairman of his family’s media empire. He is a dangerous ideologue who unwaveringly backed Tucker Carlson’s white supremacy on the network,” Peltz said, referring to the now-former top Fox News host. She added: “Murdoch was the number one champion of Tucker Carlson, even as he cost Fox News millions in ad revenue and spread dangerous extremism that inspired acts of right-wing terrorism around the world.”

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