McCarthy Takes Debt Ceiling Plan to Wall Street

Washington Post: “The prospects of a slumping stock market, millions of job losses and a shock to the global financial system loom large as McCarthy tries to sell Wall Street on the GOP’s risky brinkmanship over the debt ceiling. Since assuming a House majority in January, Republicans have pledged to halt the nation’s ability to borrow to pay its bills, seeking to force President Biden to accept steep spending cuts and other policy concessions.”

“So far, the White House has refused to relent in its opposition, and Republicans themselves have splintered at times over how to approach the fight. The standoff only has raised the stakes for McCarthy, as the consequences of congressional inaction — the first-ever government default — could devastate an economy already teetering on the precipice of recession.”

CNBC: McCarthy opens next phase of debt ceiling fight with direct pitch to Wall Street.