The Hitchhiker’s Guide to McCarthy’s debt ceiling plan
Fox News
House Speaker Kevin McCarthy must keep his members together to approve the Republican version of a debt ceiling plan, a potentially significant win for the Californian Republican.
Passage of the bill would mark a significant win for the California Republican. McCarthy would show he could keep his narrow majority and pass a big piece of legislation. But the political chits McCarthy banks with a prospective win are not equivalent to the points he could lose if Republicans struggle to pass the bill. Chad Pergram currently serves as a senior congressional correspondent for FOX News Channel (FNC). He joined the network in September 2007 and is based out of Washington, D.C.
A stumble would represent a major loss for McCarthy. Moreover, failure by Republicans to move their own plan could rattle the markets and send an ominous signal about what to expect later this summer as the sides fight over the debt ceiling.
President Biden remains on the sidelines for now. Even some Democrats question the wisdom of that – especially considering how close the nation is creeping to a still unknown debt ceiling deadline. It is generally believed the date will hit sooner rather than later – meaning early to mid-June. That’s because the early read is that receipts for this tax season are down as well as revenue from capital gains. There is also increasing jitteriness about "credit default swaps." That’s where the cost of insuring against potential losses in U.S. Treasuries is beginning to be a factor.
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