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LARRY KUDLOW: New Year economic policy in Washington is all about the debt ceiling
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Larry Kudlow: Economy and country are clamoring for more limited government
FOX Business host Larry Kudlow provides insight on the debt bill on ‘Kudlow.’
So far, New Year economic policy in Washington is all about the debt ceiling. You know this, but I want to set the table.
The statutory debt ceiling of $31.4 trillion was reached last Thursday, but the Janet Yellen Treasury can finagle around, so the federal government will continue to borrow for another 6 months or so, thereby postponing the truly fun, high-drama moments until the summer.
We have, as you might guess, two political points of view on this debt question. Joe Biden and Democratic leaders want a clean debt bill without any spending cuts. In fact, the President doesn't want to negotiate at all, kind of like the fiscal version of "I have no regrets and there's no there, there," but there is someone there.
His name is House Speaker Kevin McCarthy, who will join us a bit later on the show, and he and his Republican House are insisting that any increase in the debt ceiling be accompanied by significant budget cuts, new spending caps and new sequestration penalties in the form of automatic spending cuts, should the caps be breached.
YELLEN SAYS TREASURY WILL TAKE ADDITIONAL 'EXTRAORDINARY MEASURES' ON DEBT LIMIT