Kevin McCarthy's Debt-Ceiling Victory and the Power of 218
WSJ Opinion: Potomac Watch
The Wall Street Journal
4.2 • 2.8K Ratings
🗓️ 1 June 2023
⏱️ 21 minutes
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| 0:00.0 | Did you know choosing the train over your car can cut your carbon footprint by up to two thirds? |
| 0:06.0 | So, one family outing at a time, one little adventurer at a time, one trip to the museum, one dinner in the city, one nap on the way home at a time. |
| 0:18.0 | One train journey at a time can help create a greener future. |
| 0:23.0 | So when will you take your next trip? Find out more at nationalrail.co.uk slash greener. |
| 0:30.0 | From the opinion pages of the Wall Street Journal, this is Potomac Watch. |
| 0:38.0 | The U.S. House of Representatives passes the Death Sealing Bill negotiated by Kevin McCarthy, speaker of the House and president Joe Biden with an overwhelming vote, 314 to 117. |
| 0:51.0 | It's a major victory for speaker McCarthy, despite losing 71 Republicans, but he did get 149 Republicans to vote for it, something they never do voting for a death-sealing increase, while the Democrats voted 165 to 46 in favor. |
| 1:07.0 | The Senate is next, where it is expected to pass after the House vote on Thursday or Friday, will break down the impact of the bill and what it means going forward. Welcome, my apologies. |
| 1:18.0 | Let's go with the Wall Street Journal opinion pages, here on Potomac Watch with Kim Strassel and Kyle Peterson, my colleagues. |
| 1:25.0 | Let's listen to Kevin McCarthy talk about the bill. |
| 1:28.0 | I wanted to do something no other Congress has done, that we would literally turn the ship. |
| 1:33.0 | For the first time, and quite some time, we'd spend less than we spent the year before. |
| 1:38.0 | Tonight, we all made history, because this is the biggest cut and savings this Congress has ever voted for. |
| 1:46.0 | And it's not that we're just voting for it, this is going to be law. |
| 1:49.0 | Well, okay, politicians go for hyperbole often, and the biggest the best, the baddest what have you. |
| 1:56.0 | But it is a victory in the sense, I mean, certainly in political terms, McCarthy could not afford to fail, and he didn't. |
| 2:02.0 | He got the bulk of his 2-1 and the caucus more than 2-1, which a lot of people wondered if he could get policy victory. |
| 2:10.0 | It's not first shaking in the sense that it doesn't solve all of our fiscal problems. |
| 2:15.0 | The title will throw it even off the table. |
| 2:17.0 | This but focusing on domestic discretionary is spending. |
| 2:20.0 | This reduces the budget authority for that spending by $112 billion for fiscal 24, and more than $130 billion again in 2025. |
| 2:29.0 | Extend that over a decade of cuts baseline spending to $1.5 trillion, though that's really too far to predict in the future, because events will happen and change that expectation. |
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