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The House could pass the debt-ceiling deal agreed to by House Speaker Kevin McCarthy, R-Calif., and President Joe Biden, but it might ultimately cost McCarthy his job if he has to have Democrat votes to do it, Rep. Matt Gaetz, R-Fla., warned Tuesday on Newsmax. "The operative question there is whether or not the speaker can get to a majority of the majority," Gaetz told Tuesday's "The Chris Salcedo Show." "If a majority of Republicans are against a piece of legislation, and you use Democrats to pass it, that would immediately be a black-letter violation of the deal we had...

Joe Scarborough just made your search for the perfect Christmas gift for him a lot easier: make it a mirror! Because in a moment of utter obliviousness on Tuesday's Morning Joe, he praised President Biden and House Speaker McCarthy for acting like "grown-ups" in reaching a deal on the debt limit, Scarborough said: "We live in this . . . political world that's designed to promote discord, division, hatred, where our political opponents are actually our sworn enemy....And here, you know, the nation's economy was on the line. And, you know, he behaved responsibly. Biden behaved responsibly. They were grown-ups....

Florida Gov. Ron DeSantis attacked the bipartisan deal to raise the debt ceiling Monday, saying the country was “careening towards bankruptcy” and criticizing the “massive” amount of spending in the deal, as DeSantis’ top rival for the 2024 GOP presidential primary—former President Donald Trump—remains mum on the agreement. In an interview with Fox News’ Fox & Friends, DeSantis aligned himself with some members of the hard-right House Freedom Caucus who do not support the agreement to hold non-military spending flat at 2023 levels—which many Republicans believed were too high. DeSantis said the U.S. government’s spending habits have been out of...

Good news of a tentative deal for the U.S. debt ceiling impasse may quickly turn out to be bad news for financial markets. While an end to uncertainty would be welcome, the relief that may come from a deal may be a short-lived sugar high for investors. That's because once a deal is reached, the U.S. Treasury is expected to quickly refill its empty coffers with bond issuance, sucking out hundreds of billions of dollars of cash from the market. The raising of ceiling is expected to be followed by the issuance of nearly $1.1 trillion in new Treasury bills...

Semifinal Details If you wish to wade through 99 pages of details, here's the full text of the Allegedly Final Debt-Ceiling Deal.The Wall Street Journal has a synopsis in Biden, McCarthy Agree to Final Details of Debt-Ceiling DealWith some conservative Republicans in both chambers signaling initial opposition to the deal, Biden urged both chambers of Congress to approve the agreement and said McCarthy would have sufficient votes in the Republican-led House to secure passage.He also sought to quell concerns among Democrats over some of the deal’s provisions, such as additional work requirements for certain government safety-net programs, and rejected criticism...

Late last week, we were the first to correctly summarize what the bottom line of the so-called "debt ceiling deal" meant for the US, for future generations of Americans, and for the ridiculous melodrama gripping Washington: a -0.2% of GDP cut in nominal spending.Hey @mattgaetz, the debt ceiling deal "cuts" spending by 0.2% of GDP or about $50 billion. Is that good enough? — zerohedge (@zerohedge) May 28, 2023That's right: that 0.2% cut in spending is what all the brewhaha was over, a cut which will not only push total debt to $35 trillion by the end of Biden's term,...

I am not entirely sure how it was possible, but it appears that Kevin McCarthy was able to find a deal that may, in fact, be worse than a clean debt ceiling increase. But based on feedback from conservatives in Congress and activists from around the country, that appears to be what we have.In previous writings, I contended that, as long as Republicans didn’t snatch defeat from the jaws of victory, any deal would be a win and progressives acted as though this was the case. But McCarthy, true to form for Republican leadership, seems to have done exactly that...

Conservative House Republicans are already voicing criticism about the agreement in principle to cap spending and raise the debt ceiling announced late Saturday as the White House and GOP leadership work to avoid a default on the nation’s debt. Rep. Dan Bishop (R) tweeted a vomiting emoji to express his thoughts on the proposed deal, noting that RINOS, or Republicans in Name Only, were “congratulating [Speaker Kevin] McCarthy [(R-Calif.)] for getting almost zippo in exchange for $4T debt ceiling hike.” “Actually, it’s so bad they won’t give a figure for the debt ceiling hike … only that it’s suspended til...

Senate Republican Leader Mitch McConnell (R-Ky.) is calling on Senate colleagues, including conservative members of his conference, not to drag out the consideration of the debt-limit deal, which could be delayed past the June 5 deadline if senators use every procedural tool available to slow it down. McConnell applauded Speaker Kevin McCarthy (R-Calif.) for winning significant concessions from President Biden, including a cut in non-defense discretionary spending, a recission in funding for the Internal Revenue Service, new work requirements for federal assistance programs and permitting reform for major energy projects.

Kevin McCarthy (R-CA) claimed confidently that he is “not at all” concerned about losing his position as Speaker of the House despite growing opposition among conservative lawmakers regarding the recent debt limit deal reached between him and Joe Biden. On Sunday, Kevin McCarthy and Joe Biden reached a final agreement on the debt limit to avert a government default. “Good news,” Biden announced. “The agreement prevents the worst possible crisis, a default, for the first time in our nation’s history,” he said. “Takes the threat of a catastrophic default off the table.” “This is a good strong bill that a...

Earlier this year, the House of Representatives voted 221-210 to repeal funding for 87,000 IRS agents. “Promises made,” Speaker McCarthy said as he dropped the gavel. ... The so-called ‘Inflation Reduction Act’ gave $79.6 billion to the IRS over the next 10 years. The Wall Street Journal said the new army of IRS agents will target the middle and upper-middle class. ... IRS audits the poor at 5 times the rate of everyone else. The IRS also has a history of targeting conservative groups. Three hearings have been held in recent months, two with Commissioner Werfel and one with Secretary...

Some Democrat leaders have acknowledged some of the losses in the debt ceiling negotiations and have urged their fellow members to vote “yes” anyway. According to Congressional reporter Max Cohen, former House Majority Leader Steny Hoyer (D-MD) has been urging his colleagues to vote “yes” despite some of their misgivings.

On Sunday’s broadcast of MSNBC’s “Velshi,” Rep. Debbie Dingell (D-MI) stated that she is “really” “annoyed” that there are cuts for new IRS workers in the debt ceiling agreement between President Joe Biden and House Speaker Rep. Kevin McCarthy (R-CA), but “there is nothing I can do about it,” people shouldn’t refuse to vote for the deal over it, and she doesn’t think the IRS provision is going to be “enough to make anybody vote against the bill.” Dingell said that while she can’t say how she’ll vote on the deal until she actually sees the text of a bill,...

On Saturday, House Speaker Kevin McCarthy (R-CA) announced that an agreement had been reached with the White House after stalled negotiations and uncompromising sticking points threatened the United States to go into default by June 5. McCarthy declared victory, calling the deal “worthy of the American people” and highlighting policy objectives that Republicans secured including, “historic reductions in spending…no new taxes, no new government programs.”Then, a backlash ensued. The House Freedom Caucus tweeted on Saturday, calling the agreement “Unacceptable.”Read More:Freedom Caucus Says McCarthy Got Rolled on the Debt Ceiling and the Evidence Indicates They Are RightMSNBC Throws the Goalposts Into...

I have to give it to Speaker McCarthy.Since his election as Speaker of the House back in January, which took 15 ballots to achieve, he has been doing a bit of a Houdini act. BREAKING: 15th Vote Finally Decides Kevin McCarthy as Speaker of the HouseHe has kept the GOP caucus together during the debt limit armageddon, which the Biden White House had not expected to happen but which put pressure on them to cancel part of Biden’s latest foreign policy adventure. That forced the president to come home early, preventing any more embarrassing gaffes internationally which is actually a...

Several Republican representatives say they're unhappy with the debt ceiling deal after the White House and House Speaker reached a tentative agreement Saturday night. Kevin McCarthy said he'd spoken with President Joe Biden on the phone twice and struck a deal in principle after weeks of fraught negotiations. The deal means the US will avert a national debt default, which could trigger chaos on financial markets and send the dollar sinking – but the legislation still has to pass both the House and the Senate. Republican Congressmen Ralph Norman and Ken Buck both attacked the agreement. Norman, of South Carolina,...

Treasury Secretary Janet Yellen sent a letter to Congress on Friday, saying that the government will now have until June 5 before it runs out of money to pay its bills rather than the June 1 deadline she had announced. "Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government's obligations if Congress has not raised or suspended the debt limit by June 5," Yellen said, according to ABC News. That allows congressional leaders a few more days to negotiate with the White House. Congressional leaders were expected to vote...

Joe Biden and House Speaker Kevin McCarthy (R-CA) have come to a deal on the debt ceiling negotiations.House GOP Speaker Kevin McCarthy announces the debt ceiling deal will have "historic reductions in spending…no new taxes, no new government programs…" pic.twitter.com/7VWACUXrfI— Kevin Tober (@KevinTober94) May 28, 2023The news is that they intend to lift the debt ceiling and apply new caps on spending.McCarthy said there would be “historic reductions in spending…no new taxes, no new government programs.”He said they still had more work to do to finish the writing of it, but that it was an agreement “worthy of the American...

"WASHINGTON — House Republicans reached a tentative deal with the White House on Saturday night to address the nation’s borrowing limit and avoid a catastrophic default on U.S. sovereign debt."

With the X-date for potential US default now estimated at June 5, House GOP and White House negotiators appear to be settling on an agreement to raise the debt limit and cap federal spending for two years, Bloomberg reports, citing people familiar with the discussions. That said, while the two sides have whittled down their differences over the past several days, the details are tentative, and a final agreement is not yet in sight. The two sides have yet to agree on the amount of the cap, however under the emerging agreement, defense spending would be allowed to rise 3%...