House Speaker Kevin McCarthy (R-CA) tore into President Joe Biden and congressional Democrats in a speech Monday night over raising the debt limit.
McCarthy, ahead of the president’s State of the Union address, delivered the remarks in a hallway near the speaker’s balcony, a location that is used for major announcements.
“I speak to you as a father, a former small business owner, and a taxpayer. And like many of you, I worry about a future that feels less secure than it should,” McCarthy said. “A lot has changed in recent years. Our southern border was once secure. Now, the number of illegal immigrants who crossed our border in just two years easily exceeds the population of 25 states.”
“Americans are getting hammered by higher prices,” he continued. “Today, nearly two-thirds of all Americans are living paycheck-to-paycheck, struggling to make ends meet.”
“Meanwhile, China is infiltrating our culture, our farmland, and our skies because they see us as weak,” he continued. “This is not sustainable.”
McCarthy warned that while all of those things are bad, they pale in comparison to the threat that the national debt poses to American’s future.
“You deserve the truth. So, let’s start with the facts,” he said. “Our national debt is high. Too high. And the problem is getting worse, not better. We are now 31 trillion dollars in debt. That is more than the size of the entire American economy. 20 percent more. Our debt is now a greater burden than it has been at any time since World War 2.”
“If we continue down this path, in the next ten years, we will spend over 8 trillion dollars just on interest,” he continued. “That’s more than the entire federal budget this year. By a lot. That is neither affordable nor sustainable. When debt is too high, inflation is the result.”
McCarthy noted how the prices of everything have exploded in recent years and how Democrats printing money under the Biden administration has exacerbated the problem.
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