Exclusive — Speaker McCarthy: ‘We’re Not Going to Pass a Clean Debt Ceiling,’ ‘We Have to Spend Less Money’

“The one thing I firmly believe,” McCarthy said, is “We’re not going to raise taxes and we’re not going to pass a clean debt ceiling.”

“I told the president we have to spend less money,” McCarthy added.

McCarthy said that without serious reforms to discretionary spending the U.S. could be on the brink of serious financial calamity.

“Every great society collapses when they over-extend themselves,” McCarthy told Breitbart News.
Such a dire warning from the nation’s highest-ranking elected Republican came just hours before Silicon Valley Bank (SVB) collapsed on Friday, setting off fears of a broader financial crisis possibly looming in the United States.

SVB’s collapse came in large part as a result of high and persistent inflation. In an attempt to tame inflation, the Federal Reserve hiked interest rates rapidly, which undercut the bank’s long-term investments in lower-interest rate government-backed securities.