House Speaker Kevin McCarthy is setting up to pin a looming possible financial crisis on President Biden, the Republican leader indicated on Wednesday, declaring that it would be the “Biden default” if an agreement is not reached in time on raising the debt limit.
“Our debt is larger than our economy, by more than 20%. If we do nothing, we will pay more in interest in the next ten years than we paid in the last 83,” the speaker said at a press conference. “If we do nothing, and you follow along…God forbid you get a Biden default because he ignores the problem just as he ignored the border.”
McCarthy made an unannounced appearance at the press event, which featured more than two dozen Republican lawmakers across the House and Senate, touting Democrats’ apparent concession to negotiate on the debt ceiling after insisting on a “clean” increase of the borrowing limit for months.
MCCARTHY NOT OPTIMISTIC ABOUT DEBT CEILING NEGOTIATIONS, SAYS ‘THERE IS NO MOVEMENT’
McCarthy took a victory lap over the development on Wednesday. “Now the president and Leader Schumer have finally backed off their idea that they won’t negotiate. They finally backed off the insane un-rational, un-sensible idea that you just raise the debt ceiling,” he said.
More than two dozen Republicans across the House and Senate stood in solidarity behind McCarthy on Wednesday
HOW BIDEN AND AMERICANS WOULD BENEFIT IF PRESIDENT SIGNS HOUSE REPUBLICANS’ DEBT CEILING INCREASE BILL
He and the other Republicans gathered also laughed off a reporter’s question on Biden stating he would not accept work requirements “of consequence” for federal benefits, a cornerstone of the House GOP’s bill.
Amid the roaring laughter a lawmaker could be heard shouting “Loser!”
“Anything that has consequence…this is a senator who voted for work requirements,” McCarthy answered, referencing Biden’s voting history as a U.S. senator from Delaware.
CLICK HERE TO GET THE FOX NEWS APP
“If he doesn’t want to have something that has consequences, he wants to borrow more money from China to pay an able-bodied person who has no dependents, not even to look for a job, not even go to school for 20 hours.”