Kevin McCarthy’s concessions to far-right Republicans risk jeopardizing the global economy

House Republican Kevin McCarthy’s numerous concessions to the most right-wing members of his conference risk setting the House and Congress up for a series of crises over the next two years.

At the top of the list is the U.S. debt ceiling, which far-right lawmakers can hold hostage to extract political concessions and spending cuts while jeopardizing the full faith and credit of the U.S. and global economy.

Mr McCarthy and the Republican leadership released their proposed rules package on Friday night ahead of another round of votes to choose a House speaker. This came after 14 Republicans who had previously voted against McCarthy reversed their votes to support him on the 13th ballot.

Opponents of Mr. McCarthy becoming speaker have often listed federal spending and the recent passage of the omnibus government funding bill in December as their biggest concerns.

The proposed rulemaking package would impose a “cut-as-you-go” measure, which would prohibit consideration of legislation that increases mandatory spending within a five- or 10-year budget window.

In addition, it also repeals the so-called “Gephardt rule”, where the House automatically sends a joint resolution to raise the debt ceiling when the House passes a budget package. It will set up a separate vote on the debt limit, which deals with money the government has already spent and not future spending. Defaulting on the debt would risk an economic crisis in the United States and around the world.

“They’re going to say that unless they have very severe spending cuts in domestic programs, they won’t, they won’t vote for it,” Democratic Representative Jerry Nadler of New York warned of a looming debt-ceiling battle. “That’s the only thing. That is the blackmail.”

Representative Maxwell Frost from Florida said so The independent that it could lead to dangerous cuts in Social Security, Medicare and Medicaid.

“That’s the goal of the Freedom Caucus, and that’s why they’ve held this hostage,” Frost said.

Representative Scott Perry, chairman of the House Freedom Caucus, said The independent that conservatives like himself have long worried about spending and the debt limit. The US is set to reach its debt limit later this year.

“These are our concerns, and they have been for a long time, and we’re tired of having them shoved down our throats,” he said. “We feel that the framework at this point adequately addresses them and as long as everyone agrees that we can continue together going forward.”

Perry originally voted against McCarthy, but changed his vote to support the GOP leader on the 13th ballot. Similarly, Representative Ralph Norman of South Carolina said this would lead to cuts to match raising the debt limit.

“You must have made fun of my cuts in all sorts of plans we have,” said Norman The independent. “In this small majority, they need us.”

But the package of rules could alienate some Republicans who are not as staunchly conservative. Representative Tony Gonzales of Texas, an ally of the McCarthys, tweeted his opposition.

“I am a NO on the House Rules package,” Gonzales tweeted. “Welcome to the 118th Congress.”

Opposition from some Republicans could be enough to defeat the rulemaking package, given Democratic opposition.

But Representative Brian Fitzpatrick of Pennsylvania, a moderate Republican from a district that voted for Joe Biden, defended the rule package, saying he didn’t know Gonzales said he opposed it.

“I mean, the rules package, we negotiated this,” he said The independent. “I think it’s an all encompassing conference, so I didn’t know that.”

Democrats, meanwhile, are striking back at the McCarthy defectors’ hard line.

“McCarthy just agreed to a deal with far-right rebels that would hold the entire US and global economy hostage to extreme cuts in everything from housing to education, health care, Social Security and Medicare,” tweeted Rep. Ilhan Omar. – It is difficult to overestimate how dangerous this is.

Leave a Reply

Your email address will not be published. Required fields are marked *