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Indeed, McCarthy’s “argument is out of date,” wrote noted author and professor of history Heather Cox Richardson overnight in her Substack newsletter.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

‘Easy Mark’: Why Trump’s $464M Bond Failure Makes Him a ‘Massive National Security Risk’

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National security, legal, and political experts are lining up to sound the alarm about the potential national security risks swirling around Donald Trump, and those warnings are getting stronger.

One month after Trump descended the Trump Tower escalator in 2015 to announce his run for president, CNN reported on the real estate mogul’s repeated claims of great wealth. At one point Trump told supporters he was worth “well over $10 billion.” At other points Trump says, “I’m very rich,” and “I’m really rich.” CNN’s John King noted, “some voters see this as a virtue, in the sense that they think politicians are too beholden to special interests.”

Days later Politico ran with this headline: “Donald Trump’s new pitch: I’m so rich I can’t be bought.”

Fast forward nearly a decade later.

Donald Trump’s attorneys declared in court documents Monday that 30 companies all refused to secure a $464 million bond for Trump, which he owes the State of New York after losing his civil business fraud trial.

The sirens are now wailing.

READ MORE: ‘How Fascism Came to Germany’: Historian Warns Trump ‘Knew Exactly What He Was Saying’

Citing a Washington Post report, MSNBC’s Steve Benen writes, “it’s now ‘expected’ that Manafort will be hired” to work on the Trump 2024 presidential campaign, “at least in part because the former president is ‘determined to bring Manafort back into the fold.'”

Manafort is Paul Manafort, Trump’s former 2016 campaign chairman who in 2017, “surrendered to the F.B.I. and pleaded not guilty to charges that he laundered millions of dollars through overseas shell companies,” according to a New York Times report in October of 2017.

The Times also noted that Special Counsel Robert Mueller had “announced charges … against three advisers to President Trump’s campaign,” including Manafort, “and laid out the most explicit evidence to date that his campaign was eager to coordinate with the Russian government to damage his rival, Hillary Clinton.”

In 2019, NPR reported, almost as a footnote, that “a court filing that was inadvertently unsealed earlier this year, revealed that Manafort shared polling data with a business associate who has ties to Russian intelligence services.”

In his MSNBC report, Benen noted, “the Republican-led Senate Intelligence Committee concluded that Manafort ‘represented a grave counterintelligence threat‘ in 2016 due to his relationship with a Russian intelligence officer.”

“’The Committee found that Manafort’s presence on the Campaign and proximity to Trump created opportunities for Russian intelligence services to exert influence over, and acquire confidential information on, the Trump campaign,’ the Senate report added.” Benen also reported: “When the Senate Intelligence Committee’s report literally pointed to a ‘direct tie between senior Trump Campaign officials and the Russian intelligence services,’ it was referring in part to Manafort ‘directly and indirectly’ communicating with an accused Russian intelligence officer, a Russian oligarch, and several pro-Russian oligarchs in Ukraine.”

Benen reinforced his thesis, writing on social media: “When the Senate Intelligence Committee pointed to a ‘direct tie’ between the Trump campaign and Russian intelligence services, it was referring in large part to Paul Manafort — who’s reportedly now headed back to Team Trump.”

Add to all that this plea from The Atlantic’s Tom Nichols, a retired U.S. Naval War College professor and expert on Russia, nuclear weapons, and national security affairs.

READ MORE: ‘Next Up – Property Seizures’: Experts Analyze ‘Unbankable’ Trump’s $464 Million Bond Crisis

“According to reports last week, the U.S. intelligence community is preparing to give Donald Trump classified intelligence briefings, a courtesy every White House extends to major-party candidates to ensure an effective transition. An excellent tradition—but not one that should be observed this year,” Nichols wrote at The Atlantic in a piece titled, “Donald Trump Is a National-Security Risk.”

“Indeed, if Trump were a federal employee, he’d have likely already been stripped of his clearances and escorted from the building.”

After discussing “Trump’s open and continuing affection” for authoritarian dictators, Nichols notes, “even if Trump could explain away his creepy dictator crushes and clarify his byzantine finances, he is currently facing more than half a billion dollars in court judgments against him.”

“That’s a lot of money for anyone, and Trump’s scramble to post a bond for even a small portion of that suggests that the man is in terrible financial condition, which is always a bright-red light in the clearance process.”

Political strategist Simon Rosenberg on Monday warned: “If Trump is given access to national security briefings he will now have someone with a proven history of selling stuff to the Russians on his team to help facilitate the movement of our intel to our adversaries.”

Also on Monday, Citizens for Responsibility and Ethics in Washington (CREW) wrote on X: “We cannot emphasize this enough: Trump’s mounting court fines make him a massive national security risk.”

“After multiple losses against E. Jean Carroll and New York Attorney General Letitia James, Donald Trump is facing judgements that could end up costing him upwards of $600 million,” CREW reported February 29. “But these rulings are more than a financial headache for Trump, they are an unprecedented opportunity to buy influence with a leading presidential candidate and a sitting president should he be re-elected.”

Diving deeper, CREW notes, “Trump left the presidency with at least $1.1 billion dollars in debt tied to the COVID-weakened commercial real estate market, the vast majority of which would come due in a hypothetical second term in office. These rulings would make that number 50% higher.”

“Giving the highest and most powerful office in the land to someone deeply in debt and looking for ways to make back hundreds of millions of dollars he lost in court is a recipe for the kinds of corruption that aren’t theoretical when it comes to Trump. There’s a reason that you can’t get a job in the military or the financial services industry, or even referee a major sporting event, if you have a massive amount of debt. And you certainly aren’t getting a security clearance because you become too big of a target for corruption.”

Bloomberg Opinion senior executive editor Tim O’Brien, an MSNBC political analyst and author of “TrumpNation: The Art of Being the Donald,” observed, “Trump’s financial trap — he can’t come up with the cash to appeal his $454 million civil fraud judgment — may ravage his business. More directly: It intensifies his threat to national security by making him an easy mark for overseas interests.”

“There’s no reason to believe that Trump, whose businesses collected millions of dollars from foreign governments and officials while he was president, won’t have a for-sale sign out now that he’s struggling with the suffocating weight of court judgments,” O’Brien continues at Bloomberg. “Trump is being criminally prosecuted for allegedly misappropriating classified documents and stashing them at Mar-a-Lago, his home in Palm Beach, Florida. Without a trial and public disclosure of more evidence, Trump’s motivations for taking the documents are unknown, but it’s reasonable to wonder whether he pondered trying to sell them. Monetizing the White House has been something of a family affair, after all. His son-in-law, Jared Kushner, has been busy trading financially on his proximity to the former president, for example.”

O’Brien concludes, “the going is likely to get rough for Trump as this plays out, and he’s likely to become more financially desperate with each passing day. That’s going to make him easy prey for interested lenders — and an easy mark for overseas interests eager to influence US policy.”

READ MORE: FBI Agent Furious Over MAL Search Thought Trump Would Return Classified Docs if Just Asked

 

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COMMENTARY

Trump’s New RNC Chair Flubs With a ‘Four Years Ago’ Gaffe

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Pro-Trump Republicans over the past two weeks keep asking Americans if they are “better off today” than they were four years ago, and many Americans keep responding “yes.” The latest to serve up an affirmative answer, surprisingly, is Donald Trump’s new hand-picked chair of the Republican National Committee, Michael Whatley.

Appearing on Fox News Friday morning, Whatley gave the Reagan refrain a twist:

“At the end of the day, this comes down to a very simple contrast between President Trump and President Biden. Were you better off four years ago than you are today? The answer for this entire country is ‘no.'”

Trying to immediately clean up his comment, Whatley continued: “I mean, yeah, we are better off today – or we will be.”

For some, Whatley’s double flub served as yet another reminder of just how bad life was four years ago.

READ MORE: Legal Experts Hail ‘Best Ruling’ for Willis in Trump Prosecution Case

“Four years ago, I was hitting the grocery store at 5 am, hoping there’d still be toilet paper and face masks there, then coming home and trying desperately to supervise my kids’ remote schooling in between my own Zoom conferences,” wrote jazz critic and journalist Michael J. West in response to Whatley’s remarks.

The resurgence of the “four years ago” question appears to have been kicked off by House Republican Conference chair, U.S. Rep. Elise Stefanik (R-NY) on March 6, when she stood before the cameras at a GOP press conference and told Americans, “As Ronald Reagan famously asked us, ‘Are you better off today than you were four years ago?’ The answer for hard-working Americans across the country is a resounding ‘no.’”

Her remarks were met in some corners with tremendous anger, with some seeing it as an affront to the more than one million Americans who would be dying from a COVID pandemic critics and medical experts say was worsened by then-President Donald Trump’s actions.

As NCRM wrote last week: On March 6, 2020, CNN had reported: “8 cases of coronavirus confirmed in Colorado,” “Kentucky confirms 1st coronavirus case,” “Son of nursing home resident with coronavirus describes fight to get mother tested,” “California’s Santa Clara County confirms 4 new coronavirus cases,” and, “Cruise passengers not told about coronavirus test results prior to Pence announcement.”

There may be a reason pro-Trump Republicans keep asking the question despite the answers they’re getting.

“Republicans don’t actually want you to remember 4 years ago,” Public Notice‘s Noah Berlatsky on Friday wrote. “It’s not much of an exaggeration to say that March 2020 was among the worst months in the history of the American republic.”

Pointing to Stefanik co-opting Reagan’s query, Berlatsky adds, “Lara Trump, the new co-chair of the Republican National Committee, said virtually the same thing to Sean Hannity on Tuesday. South Carolina Sen. Tim Scott echoed that sentiment on Fox News as well, saying, ‘We have to go back to that future, 2017-2020. We want those four years one more time.'”

READ MORE: Fox News Host Claims Trump ‘Not Charged With Obstructing’ Despite Multiple Counts

To claim Americans actually were better off four years ago, he continues, “requires a bizarre form of political, social, and economic amnesia.”

“Four years ago, in March 2020, the covid pandemic was rampaging across the world and country as the president desperately tried to wish it away. People were getting sick, many were dying, and the economy was shutting down as a result. It’s not a time to look back on with nostalgia.”

“It wasn’t just covid,” Berlatsky adds, reminding Americans who have forgotten.

“2020 was the year police in Minneapolis murdered George Floyd, sparking nationwide protests against police brutality and racism. In response, Trump told police and military leaders that they should ‘beat the fuck out’ of protesters and encouraged authorities to ‘just shoot them.’ In line with those sentiments, National Guard troops tear-gassed protesters in DC’s Lafayette Square while Trump staged a photo-op at a nearby church.”

Have Americans forgotten?

The New York Times apparently thinks so.

“Do Americans Have a ‘Collective Amnesia’ About Donald Trump?” The Times’ asked March 5 – one day before Stefanik invoked Reagan’s “better off” question – before observing, “memories of Mr. Trump’s presidency have faded and changed fast.”

Watch the video above or at this link.

READ MORE: Red Flags Raised Over Ex-Trump Official’s TikTok Bid

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COMMENTARY

Stephen Miller: Arrest ‘Commie’ Teachers, Use Government Power to ‘Defeat Evil’

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Former Trump aide Stephen Miller told the MAGA activists gathered near Washington, D.C. last week for the annual Conservative Political Action Conference that conservatives must be willing to use power more aggressively against their opponents. He railed against district attorneys and other officials for not arresting teachers who violate new state laws that restrict teaching on race, gender, and sexuality.

Miller, an architect of the Trump administration’s anti-immigration policies, has been promising MAGA activists that if Trump returns to the White House, he “will unleash the vast arsenal of federal powers to implement the most spectacular migration crackdown.” Miller’s America First Legal group is part of the far-right Project 2025, which has prepared a battle plan for the movement to “take the reins of government” in a new Trump administration. The Heritage Foundation, ringleader of the Project 2025 scheme, was at CPAC recruiting foot soldiers willing to carry out the plan.

In a recent article for Political Research Associates’ “The Public Eye” magazine, I noted that Project 2025 reflected a “movement-level, ideological shift away from a libertarian mistrust of government power and toward an authoritarian view of government power being used ruthlessly—whether as a righteous force wielded to advance a ‘biblical worldview’ or turned against an ‘administrative state’ supposedly captured by a radical Marxist left.”

Miller provided ample confirmation about the MAGA movement’s intentions, down to his dismissal of libertarianism as “a terrible ideology” that might be fine for academic debates but not in the real world, where he said public officials have a responsibility to “defeat evil.”

Excerpts from Miller’s appearance on a Friday, Feb. 23 CPAC panel:

Call it a mental illness, call it a spiritual failing, call it a moral deficiency, call it weakness, softness, or just being pathetic. There is something really broken in the conservative brain. They’re afraid not only of conflict, we know that. But there’s an even deeper fear, a deeper fear than all that, which is having power, and using power. Conservatives are addicted to the language of libertarianism, which is fine–you know, it’s a terrible ideology, but in an academic setting, okay, have these debates. …

You elect a state supreme court justice, you elect an Attorney General, and so on and so forth, to have an office with specific powers, duties, and responsibilities, with the expectation that they will use that authority to defeat evil, to protect the good, and to accomplish positive change in society. And you have to use that power fearlessly. …

A number of states, for example, have passed laws, saying that you can’t have this in the curriculum, or you can’t have that in the curriculum, and you can’t teach DEI and so on and so forth. Without exception, I can promise you, all the commies in the classroom changed the name of their lecture, changed one word, changed one little paragraph in the syllabus and did the exact same damn thing every single day because they’re communists and that’s what they do. Were they sued? No! Were they arrested if they broke a law and it’s applicable? No! Did any D.A. anywhere, if you’re talking about trans issues, think of arresting somebody for abusing children with trans ideology? No, we write blog posts about it. That’s what we do. So until we get serious, all the way down to the local DA, all the way up to the state A/G. and every office in between, including judges, electing people who have power and will use that power and measure their success by change in the real world, then we aren’t going to be able to beat the left.

This article was originally published by Right Wing Watch and is republished here by permission.

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