House Speaker Kevin McCarthy (R-Calif.) previewed Republicans’ strategy regarding how to handle the U.S. debt limit after Treasury Secretary Janet Yellen warned that the limit will be reached next week.
Analysts say the debt ceiling battle will turn into a political showdown, with some Republicans tying raising the debt limit with other provisions. Some said that a debt limit deal should include spending cuts.
“What I really think we would do is treat this like we would treat our own household. If you had a child, you gave them a credit card, and they kept hitting the limit, you wouldn’t just keep increasing it. You’d first see what you’re spending your money on. How can we cut items out?” McCarthy told Fox News’ “Sunday Morning Futures.” “Every government has to do this. Every state has to balance their budget, county, city. For the White House to say they won’t even look at it, that they can’t find one penny out of $1 of eliminating waste, I think they’re just trying to put us into bankruptcy.”…