CNBC host Sara Eisen repeatedly asked Speaker of the House Kevin McCarthy (R-CA) why he’s refusing to repeal the Trump tax cuts as part of the ongoing debate over raising the nation’s debt ceiling.
McCarthy was in New York to discuss the debt ceiling and stabilizing financial markets, and he wondered if Eisen would allow the country to continue to tax and spend: “Would you just raise the limit?”
Eisen replied, “Well, if it meant playing with America’s standing and full faith and credit of U.S. government debt, I feel like you can deal with the spending in other ways, which is totally legitimate.”
When McCarthy said debt can only be reduced with massive spending cuts, Eisen wondered, “You did it (raised the debt ceiling) three times in the Trump administration.”
The Speaker protested, “We never raised the debt ceiling by itself.”
Eisen: “And tax cuts. That was like $2 trillion in deficit.”
When McCarthy said those tax cuts had been good for the economy, Eisen countered, “So I was going to ask you about taxes because I wonder, because you want to extend the Trump tax cuts, correct? But isn’t that a little hypocritical when you’re talking about finding savings everywhere and being on an unsustainable fiscal path?”
In response, McCarthy resorted to his favorite trick: He lied.
“How’s that hypocritical when it’s bringing tax cuts, tax savings? I will always advocate for the idea that we are streamlining our tax policies, that we’re also streamlining our regulation.”
Someone please explain the basics of economics to Kevin McCarthy. It’s clear he has no damn idea what he’s talking about.
Here’s the video from CNBC: