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Indeed, McCarthy’s “argument is out of date,” wrote noted author and professor of history Heather Cox Richardson overnight in her Substack newsletter.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

Trump Starts Weekend Early After Griping Workers Get Too Many Days Off

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2 months ago

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June 20, 2025

By

After stalling on a decision in the escalating Middle East crisis and delaying action—some say potentially in defiance of federal law—on the congressionally mandated TikTok ban, President Donald Trump, facing sliding poll numbers, a widely criticized budget bill on the brink of collapse, a looming debt ceiling showdown, and apparent tensions with his Director of National Intelligence, is heading to his Bedminster golf resort for a MAGA dinner and an early weekend likely to include several rounds of golf.

The decision to leave the White House early on Friday comes after he left the G7 early this week, reportedly to make a decision on whether or how to help Israel attack Iran. His former chief strategist, Steve Bannon, jokingly said Trump exited the conference with top world leaders because he was “bored,” The Hill reported.

The President is slated to exit the White House at 2 PM Friday.

READ MORE: ‘People Will Die’: Shock Over Trump Shutting Down LGBTQ Youth Suicide Hotline Is Growing

“With the world on edge, the president’s early departure underscores a pattern critics say reflects misplaced priorities, favoring fundraising and familiar retreats over the day-to-day demands of governance,” MeidasTouch News reported.

The long weekend also comes just hours after President Trump denounced “too many days off” for federal and other workers, a remark he made on Juneteenth, a federal holiday signed into law by President Joe Biden in 2021. Trump had campaigned on passing the legislation to honor and celebrate the day that symbolizes the end of slavery, but made no mention of it this year.

“Too many non-working holidays in America,” Trump decried Thursday evening.

“I know this is a federal holiday.” White House Press Secretary Karoline Leavitt told reporters on Thursday. “I want to thank all of you for showing up to work. We are certainly here. We’re working 24/7 right now.”

This week, in addition to meeting with his national security team, and an “awkward” meeting with players of the Juventus soccer team, Trump presided over the installation of two 88-foot flag poles and the raising of massive American flags at the White House.

READ MORE: ‘Make Asbestos Great Again?’: Trump Slammed for Move to End Ban on Russia-Tied Carcinogen

Trump’s long weekend also comes just one week after millions protested his policies across all 50 states and internationally on Saturday, while he attended a military parade celebrating his and the U.S. Army’s birthdays, and after a tragic political assassination of a Democratic lawmaker and her spouse.

It also comes one week after Trump appeared to make a major about-face, saying farm, hotel, and restaurant workers are valuable and extremely difficult to replace. He suggested that ICE would pause targeting those workers, only to turn around just days later to announce “the largest mass deportation program in history.” The pause on deportations was canceled, leading one notable political commentator and legal analyst, Joyce Vance, to wonder if Trump is actually in charge.

“Who’s running the show?” she asked, suggesting someone may have “countermanded” him on the deportations. “Who’s in charge? Trump or someone else?”

READ MORE: Trump Appears to Confuse America’s Revolutionary War With the Civil War

 

Image via Reuters

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COMMENTARY

‘The Generals Stay Silent’: Experts Alarmed as Trump Politicizes Army at Fort Bragg Rally

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3 months ago

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June 11, 2025

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Military and political experts, veterans, and journalists are condemning President Donald Trump’s political rally at Fort Bragg on Tuesday, warning he crossed a critical line by delivering overtly political and authoritarian-themed remarks before U.S. Army troops. They also expressed alarm that uniformed soldiers appeared at ease booing his political opponents—another troubling breach of military norms. Some now say the time has come for generals to publicly speak out.

The commander in chief entered the event to “Hail to the Chief,” and as he took to the stage, his “MAGA anthem,” “Proud to Be an American,” played. For nearly one hour, in about 9,000 words, Trump delivered a political stump speech. He attacked his political opposition, Democrats, including President Joe Biden and his administration, California Governor Gavin Newsom (“Newscum”) and L.A. Mayor Karen Bass. He attacked transgender Americans. He attacked the Democratic U.S. Senators who opposed the nomination of Pete Hegseth for Defense Secretary, calling them “a very hostile group of people that I think really don’t want to see America be great again.”

He got the soldiers to boo “the fake news” media, and President Joe Biden. He told them the 2020 election was “rigged and stolen.”

READ MORE: ‘Show. Us. The. Plan.’: Pentagon Chief Ripped for Dodging Budget Details in Heated Hearing

He attacked the people in Los Angeles protesting his deportation policies, describing it as “anarchy,” while telling the soldiers that defending their  civil rights was not the reason Americans fought overseas:

“Generations of army heroes did not shed their blood on distant shores only to watch our country be destroyed by invasion and third world lawlessness here at home like is happening in California. As Commander in chief, I will not let that happen. It’s never going to happen. What you’re witnessing in California is a full-blown assault on peace, on public order and on national sovereignty carried out by rioters bearing foreign flags with the aim of continuing a foreign invasion of our country.”

He thanked the generals, and mentioned some by name. He talked about “the real generals,” as opposed to the ones Americans see on television.

Critics are warning of grave consequences.

“This is the most unacceptable and egregious politicization of our troops we’ve ever seen,” wrote veterans’ activist Paul Rieckhoff, an Army combat veteran, responding to video of Trump getting the soldiers to boo the press, President Joe Biden, and the mayor of Los Angeles.

“And it’s not a one off. It’s a strategy,” added Rieckhoff, who is also the founder of Iraq and Afghanistan Veterans of America (IAVA). “And one we’ll see in full and dangerous display this weekend at his military birthday parade for himself. Trump wants the world to think our great military is HIS military. And wants to coerce and manipulate troops into making them think it is too. And driving down their public trust and approval by the minute. Trump has created America’s greatest civil-military relations crisis since the Civil War. And it’s just getting started.”

Retired U.S. Army lieutenant colonel Alexander Vindman, a former Director of European Affairs for the National Security Council (NSC), warned: “America’s Generals and Admirals are terrified. They are cowed. They seem unlikely to hold the line and live up to their oaths to serve the U.S. Constitution.”

Lamenting that “the Generals stay silent,” he added: “Our democracy is in great danger. This morning I wonder if we crossed a line and there’s no going back.”

Army combat veteran Fred Wellman, a graduate of West Point and the Harvard Kennedy School who is now the host of the podcast “On Democracy.” responded to Vindman by saying, “The silence is deafening.”

READ MORE: Trump Mixes Up World Wars, Days, Civil Rights in Latest Remarks

Retired U.S Army lieutenant general Russel L. Honoré, who served as the commander of Joint Task Force Katrina, blasted Trump’s speech: “Damn @POTUS Speech At #FortBragg  was inappropriate, criticizing previous administration, and Generals while speaking to troops , I never witnessed that S..t like this in 37 years in Uniform.”

Author and former Under Secretary of State Richard Stengel observed, “Unlike other militaries, American soldiers do not swear an oath to the state, or a person, or a monarch, but to the Constitution. Trump calls them ‘his’ military—but they are ours, and they swear to ‘support and defend the Constitution,’ not one man.”

Tom Nichols, a retired U.S. Naval War College professor and Russia expert, at The Atlantic targeted the generals for staying silent.

He wrote, “senior officers of the United States military have an obligation to speak up and be leaders. Where is the Army chief of staff, General Randy George? Will he speak truth to the commander in chief and put a stop to the assault on the integrity of his troops? Where is the commander of the airborne troops, Lieutenant General Gregory Anderson, or even Colonel Chad Mixon, the base commander?”

“Where is the chairman of the Joint Chiefs, General Dan Caine? He was personally selected by Trump to be America’s most senior military officer. Will he tell the man who promoted him that what he did today was obscene?”

Retired U.S. Army General Barry McCaffrey, often seen on cable news, called Trump’s speech “a disgraceful politicization of the active Armed Forces. He is the Commander in Chief. The only loyalty of the Armed Forces is to the Constitution. Their focus is on protecting America from foreign enemies. Grave danger.”

Watch the video above or at this link.

RELATED: ‘Doesn’t Even Know Who He’s Talking to’: Newsom Scorches Trump Over Military Deployment

 

Image via Reuters

 

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COMMENTARY

Trump Mixes Up World Wars, Days, Civil Rights in Latest Remarks

Published

3 months ago

on

June 10, 2025

By

President Donald Trump made a series of inaccurate claims in his remarks on Tuesday, conflating World War I and World War II, incorrectly suggesting he spoke with the governor of California on Monday when it was just after midnight Saturday morning, and asserting—contrary to the First Amendment—that protests, even peaceful ones, can be shut down with “heavy force.”

During remarks to reporters in the Oval Office, Trump was asked when he last spoke with California Governor Gavin Newsom. “A day ago,” he said Tuesday afternoon, which was three and a half days after the governor confirmed his phone call. Trump also confirmed the call by sending a screenshot to a Fox News reporter. The screenshot read June 7, 1:23 AM.

“Recently, other countries celebrated the victory of World War I, France was celebrating, really,” Trump told troops at Fort Bragg on Tuesday afternoon. “They were all celebrating. The only one that doesn’t celebrate is the USA and we’re the ones that won the war. Without us, you’d all be speaking German right now. Maybe a little Japanese thrown in. But we won the war.”

RELATED: ‘Doesn’t Even Know Who He’s Talking to’: Newsom Scorches Trump Over Military Deployment

The United States was part of a coalition during both WWI and WWII. Trump was speaking about WWI, but then claimed, “Without us, you’d all be speaking German right now. Maybe a little Japanese.”

That’s a reference to World War II—Japan was on the side of the Allies, with the U.S., in WWI.

Also on Tuesday, Trump declared that anyone caught protesting his controversial military parade on Saturday will be met with “very heavy force,” despite the First Amendment to the U.S. Constitution clearly protecting political protests.

READ MORE: ‘Show. Us. The. Plan.’: Pentagon Chief Ripped for Dodging Budget Details in Heated Hearing

“We won the war, and we’re the only country that didn’t celebrate it, and we’re going to be celebrating big on Saturday,” Trump claimed. Veterans Day was initially created as Armistice Day to honor those who died in World War I.

“And if there’s any protestor that wants to come out, they will be met with very big force. By the way, for those people that want to protest, they’re gonna be met with very big force. And I haven’t even heard about a protest, but, you know, this is people that hate our country, but they will be met with very heavy force.”

The First Amendment protects both political speech and the right to “petition the government for a redress of grievances.”

Trump did not state “violent protestors,” or “rioters.” He said “any protestor.”

Watch the videos above or at this link.

READ MORE: ‘Subterfuge’: Noem Push a ‘Prelude’ to Invoking Insurrection Act, Experts Warn

 

Image via Reuters

 

 

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