Video Ad Feedback 'What changed, Mr. President?': McCarthy slams Biden in handling of US debt 02:43 • Source: CNN Politics of the Day 12 videos • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/230418162757-mccarthy-biden.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/230418162757-mccarthy-biden.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated 4:34 PM EDT, Tue April 18, 2023 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2023-04-18T20:31:15Z" data-video-section="politics" data-canonical-url="https://www.cnn.com/videos/politics/2023/04/18/kevin-mccarthy-wall-street-speech-debt-ceiling-biden-economy-vpx.cnn" data-branding-key="" data-video-slug="kevin mccarthy wall street speech debt ceiling biden economy vpx" data-first-publish-slug="kevin mccarthy wall street speech debt ceiling biden economy vpx" data-video-tags="banking, finance and investments,budget deficits,business, economy and trade,domestic alerts,domestic-business,domestic-us politics,economy and economic indicators,federal budget,federal budget deficit,financial markets and investing,government and public administration,government budgets,government organizations - us,iab-business,iab-business and finance,iab-business banking & finance,iab-economy,iab-financial industry,iab-industries,iab-political issues & policy,iab-politics,international alerts,international-business,international-us politics,kevin mccarthy,political figures - us,political organizations,political platforms and issues,politics,public debt,public finance,us congress,us house of representatives,us political parties,us republican party,wall street" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback 'What changed, Mr. President?': McCarthy slams Biden in handling of US debt 02:43 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-22396874-2649403-641-still.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-22396874-2649403-641-still.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html=" By Ainsley Ehlers, CNN " data-timestamp-html=" Updated 4:34 PM EDT, Tue April 18, 2023 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-25T14:48:36.230Z" data-video-section="politics" data-canonical-url="https://www.cnn.com/2026/02/25/politics/video/the-odds-early-voting-in-texas-cnc-kalpar" data-branding-key="" data-video-slug="the-odds-early-voting-in-texas-cnc-kalpar" data-first-publish-slug="the-odds-early-voting-in-texas-cnc-kalpar" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback The Odds: Early voting in Texas 03:18 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/117400-trumpsotuiran-digvid-1.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/117400-trumpsotuiran-digvid-1.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html=" By Ivan Watson, CNN " data-timestamp-html=" Updated 4:34 PM EDT, Tue April 18, 2023 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-25T09:18:41.227Z" data-video-section="politics" data-canonical-url="https://www.cnn.com/2026/02/25/politics/video/state-of-the-union-address-donald-trump-warns-iran-nuclear-weapon-ivan-watson-hnk-digvid" data-branding-key="" data-video-slug="state-of-the-union-address-donald-trump-warns-iran-nuclear-weapon-ivan-watson-hnk-digvid" data-first-publish-slug="state-of-the-union-address-donald-trump-warns-iran-nuclear-weapon-ivan-watson-hnk-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback Trump issues warning to Iran on nuclear weapons 01:00 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/260224-repomarshouting-16x9-clean-thumb.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/260224-repomarshouting-16x9-clean-thumb.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated 4:34 PM EDT, Tue April 18, 2023 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-25T04:29:35.933Z" data-video-section="us" data-canonical-url="https://www.cnn.com/2026/02/24/us/video/rep-ilhan-omar-shouts-as-trump-slams-democrats-on-immigration-digvid" data-branding-key="" data-video-slug="rep-ilhan-omar-shouts-as-trump-slams-democrats-on-immigration-digvid" data-first-publish-slug="rep-ilhan-omar-shouts-as-trump-slams-democrats-on-immigration-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback Rep. Ilhan Omar shouts as Trump slams Democrats on immigration 00:18 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-22393575-2654041-911-still.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-22393575-2654041-911-still.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html=" By Ainsley Ehlers, CNN " data-timestamp-html=" Updated 4:34 PM EDT, Tue April 18, 2023 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-24T14:48:36.052Z" data-video-section="politics" data-canonical-url="https://www.cnn.com/2026/02/24/politics/video/the-odds-2028-potential-democratic-contenders-cnc-kalpar" data-branding-key="" data-video-slug="the-odds-2028-potential-democratic-contenders-cnc-kalpar" data-first-publish-slug="the-odds-2028-potential-democratic-contenders-cnc-kalpar" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback The Odds: 2028 Potential Democratic contenders 03:07 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-22391792-94020-still.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-22391792-94020-still.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated 4:34 PM EDT, Tue April 18, 2023 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-24T11:43:33.707Z" data-video-section="sport" 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data-timestamp-html=" Updated 4:34 PM EDT, Tue April 18, 2023 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-19T05:08:26.645Z" data-video-section="business" data-canonical-url="https://www.cnn.com/2026/02/19/business/video/elf-beauty-cosmetics-dei-tariffs-ceo-tarang-amin-tiktok-risk-takers-digvid" data-branding-key="risk-takers-dark-themes" data-video-slug="elf-beauty-cosmetics-dei-tariffs-ceo-tarang-amin-tiktok-risk-takers-digvid" data-first-publish-slug="elf-beauty-cosmetics-dei-tariffs-ceo-tarang-amin-tiktok-risk-takers-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback How one CEO is winning Trump’s war on diversity 02:29 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": 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2023 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-21T06:14:10.498Z" data-video-section="politics" data-canonical-url="https://www.cnn.com/2026/02/21/politics/video/new-mexico-launches-truth-commission-to-probe-epsteins-ranch-its-chair-speaks-out-lcl" data-branding-key="" data-video-slug="new-mexico-launches-truth-commission-to-probe-epsteins-ranch-its-chair-speaks-out-lcl" data-first-publish-slug="new-mexico-launches-truth-commission-to-probe-epsteins-ranch-its-chair-speaks-out-lcl" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> New Mexico launches 'truth commission' to probe Epstein’s ranch; it’s chair speaks out 05:17 Now playing • Source: CNN • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/gettyimages-2262137811.jpg?c=16x9&q=h_540,w_960,c_fill" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/gettyimages-2262137811.jpg?c=16x9&q=h_540,w_960,c_fill" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated 4:34 PM EDT, Tue April 18, 2023 " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-20T18:35:49.464Z" data-video-section="business" data-canonical-url="https://www.cnn.com/2026/02/20/business/video/trump-justices-tariffs-ruling-digvid" data-branding-key="risk-takers-nologo" data-video-slug="trump-justices-tariffs-ruling-digvid" data-first-publish-slug="trump-justices-tariffs-ruling-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback Trump attacks justices who ruled against his tariffs 02:02 Now playing • Source: CNN See more videos CNN — Millions of Americans could face massive consequences unless Speaker Kevin McCarthy can navigate out of a debt trap he has set for President Joe Biden that is instead threatening to capture his House Republicans.
The California Republican traveled to Wall Street on Monday to deliver a fresh warning that the House GOP majority will refuse to lift a cap on government borrowing unless Biden agrees to spending cuts that would effectively neutralize his domestic agenda and neuter his White House legacy.
McCarthy also assured traders, however, that he would never let the US government default on its obligations – a potential disaster that could halt Social Security payments, trigger a recession and unleash job cuts by the fall in the event that the debt ceiling is not raised.
The United States Capitol is seen on Capitol Hill on August 6, 2022 in Washington, DC. Anna Rose Layden/Getty Images Related article Lawmakers return to Washington as debt limit crisis and other key issues loom
This is where the risk to Americans comes in. It’s hard to see how a rookie speaker, with a tiny majority and a conference containing plenty of extremists, can engineer either of these outcomes.
Most countries don’t require the legislature to raise the government’s borrowing threshold. But the quirky situation in the US has made a once routine duty an opportunity for political mischief in a polarized age. Since the government spends more than it makes in revenue, it must borrow money to service its debt and pay for spending that Congress has already authorized. It has no problem getting more credit since the US pays its bills and has always had a stellar credit rating, despite one previous downgrade from the threat of default.
At least, that’s the way it has worked until now.
McCarthy beseeched his conference in a closed-door meeting on Tuesday to line up behind a bill that would raise the debt limit for a year but require a flurry of spending concessions from Biden. He styled the measure as an initial way of forcing the president to the negotiating table. But the bill is purely tactical since it’s got no chance of passing the Democratic-led Senate.
But in a sign of how difficult it will be for the speaker to even pull this gambit off, there were signs of internal disagreement on what should be in the package among GOP members.
Rep. Scott Perry, the chairman of the hardline House Freedom Caucus, was frustrated about a lack of specificity in the plan and wanted steeper cuts.
“I don’t know what’s in the package completely. That’s the issue,” Perry told reporters. Some members seem reluctant to commit so far. Conservative Rep. Tim Burchett told CNN’s Manu Raju, “I’m open to it but I’m still a ‘no’ vote.”
It is not unusual for various factions in a congressional majority to haggle over details before a final package is agreed. And House Financial Services Chair Patrick McHenry, a McCarthy ally, was confident the plan would pass the House. “The question is, what does the White House then do once we pass this package? We’ve clearly stated there is no clean debt ceiling that will pass the House,” he added. “So we’ll have the first opening offer here. And we’ll see if the president’s willing to come to the table and negotiate like previous presidents have.”
McHenry’s comment, however, reflected a big flaw in the GOP strategy since it relies on McCarthy’s belief that Biden will have no choice but to come to the table. The White House has insisted the House should do its job and pass a simple bill that only raises the borrowing limit
In effect, McCarthy has already set up a severe test of his leadership since there’s no guarantee that he can pass the measure in a House where he can only lose four votes and in which there are few signs the fractious GOP can agree on what programs to cut and by how much. And even if the measure does squeeze through the House in the coming weeks, it will likely be an idealized Republican product on which Biden and the Democratic Senate will never bite. Any subsequent package that emerged would almost certainly feature concessions that could splinter its GOP support.
Still, the speaker was typically bullish when he predicted Monday he’d have the votes to pass his initial bill.
“I think we got 218 to raise the debt ceiling,” McCarthy told CNN. “We’ve got a lot of consensus within the conference. We’ll get together and work through it.”
The US Capitol. Arturo Jimenez/Anadolu Agency/Getty Images Related article House Republicans in talks over one-year debt ceiling plan in push to challenge White House
His assurances may not be very reassuring, however, because his similarly blithe predictions that he had the votes to win the speakership in January degenerated into a farcical process that saw him make huge concessions to his party’s most radical members and required 15 ballots before he finally won the job of his dreams.
But with the debt ceiling, it will be Americans’ livelihoods and the global economy, rather than McCarthy’s immediate political ambitions, that are on the line.
Republicans are yet to agree on their own demands
So far, Republicans seem to be having trouble negotiating with themselves, let alone Biden. Republican Rep. Dusty Johnson of South Dakota, who is helping to fashion the GOP’s position, said that while the party hopes to pass the initial bill next week, challenges remain.
“I think the hardest part is just that there are an unlimited number of conservative policy victories that, of course, we all want to see worked in,” Johnson told CNN’s Manu Raju. “The reality is that in a negotiation, you never get everything you want. And so I think our biggest issue right now is how do we squeeze these thousands of desires down to a manageable and credible number of asks?”
Left: Rep. Jim Jordan speaks during a news conference at the Capitol on November 17, 2022 in Washington, DC. Right: Manhattan District Attorney Alvin Bragg speaks during a press conference following the arraignment of former President Donald Trump April 4, 2023 in New York City. Getty Images Related article House GOP escalates defense of Trump with New York field hearing seeking to discredit Manhattan DA
Another complication is that some members of the Republican conference have said they will never vote to raise the debt ceiling on principle – no matter what. In a powerful Republican majority such holdouts could be ignored. In McCarthy’s narrow majority – secured after a 2022 midterm election that fell short of GOP expectations – they have real leverage. And Democrats have little incentive to help McCarthy out in the event of GOP defections since they’d presumably have to vote for huge cuts that Biden has opposed in any final GOP bill. And the speaker probably couldn’t risk using Democratic votes anyway after agreeing to a rule, as he battled to win his job, that lets any single member call a vote on his ouster.
The coming showdown over the debt ceiling is potentially the defining moment in the two-year period of uneasy cohabitation between the Democratic president and Republican speaker. Neither Biden nor McCarthy can afford to lose, and the outcome will shape both their legacies.
