Kevin McCarthy's debt ceiling plan, Part I

It's painfully obvious that Joe Biden is intent on forcing a debt ceiling crisis on the American people. He's consistently insisted that he'll only sign a clean debt ceiling bill. To be fair, past presidents have signed clean debt ceiling bills to avoid ruining the full faith and credit of the United States.

It's totally fair to state that no other president has spent $6,000,000,000,000 above the previous baseline in 2 years, too. Joe Biden spent that much additional money above the FY 2022 and FY2023 discretionary spending budgets.

Rather than wait like a potted plant for Biden's debt ceiling proposal, Speaker Kevin McCarthy visited the NYSE on Monday, where he delivered a much-needed speech that outlined the Republicans' economic blueprint.

When his name was first submitted to be Speaker, some in the GOP Conference resisted McCarthy. Today, McCarthy has served 100 days since officially becoming Speaker. If you didn't have the opportunity to watch Speaker McCarthy's speech, take time to read his speech. Either that or watch the speech here:

During the speech, Speaker McCarthy invoked the name of President Reagan:

Almost 40 years ago, President Reagan came here to talk about the economic revival that America was experiencing under his leadership.

Before ringing the opening bell, he said these words:

"We've moved from malaise to hope, confidence, and opportunity. We knew that malaise for what it really was: Government, with its high taxes, excessive spending and overregulation, had thrown a wrench in the works of our free markets. In essence, government was trying to run the economy, but was ruining it instead."

Then, he closed his speech with this warning about out-of-control spending:

"It’s time that government got off its present spending spree before it squanders our future prosperity."

That served as the launching point for Speaker McCarthy's policy agenda:

Unlike President Biden, I don't dismiss Americans' fears about higher prices. I share them. And I share their conviction that we must change course before it’s too late.

That’s why I’m here. Today, I speak to you not only as the Speaker of the House but also as a father, a former small business owner, a taxpayer, and a proud American.

I want to talk to you about the debate that’s not happening in Washington, but should be happening, over our national debt. It’s a debate that directly affects the lives of every American.

America deserves to hear the truth. So, I will start with the facts. Our national debt is too high. Far 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.

Next, McCarthy launched into his criticism of Joe Biden and the Democrats:

In our lifetimes, these interest payments are on track to crowd out and eventually eclipse vital programs – like Social Security and Medicare. Let me repeat – far from protecting these two vital programs, as the President says he will, President Biden’s extreme spending threatens to crush them with debt and economic decay.

Without exaggeration, America’s debt is a ticking time bomb that will detonate unless we take serious, responsible action.

Yet how has President Biden reacted to this issue? He’s done nothing. So in my view, he’s been irresponsible.

Rather than face the facts, this President has embraced a fantasy that debt doesn’t matter. That money can always be created out of thin air. And that the solution to higher prices caused by reckless spending is higher taxes.

In two short years, President Biden, along with Democrats in Congress, added 6 trillion dollars to our nation’s debt burden, which created inflation, made us more dependent on China, and undermined Medicare and Social Security.

Today, it’s the American people who are left paying the price. Americans have received a pay cut for 24 consecutive months, the longest streak in American history, as inflation has persisted. In fact, since President Biden took office, families have lost the equivalent of seven thousand four hundred dollars worth of income.

That's what a legitimate economic leader who isn't rooted in a fantasy world sounds like. That's what Joe Biden doesn't sound like. That's what Biden has never sounded like. Let's be clear. Biden hasn't sounded like that because he isn't bright enough to sound coherent.

End Part I