Stories tagged: "Kevin McCarthy"


FILE - Speaker of the House Kevin McCarthy, R-Calif., speaks at the Capitol in Washington, Thursday, April 20, 2023. The Democratic president and Republican congressional leader have each tried to assure the public in recent weeks that they don't want the government of the world's largest economy to default. But President Joe Biden has resisted McCarthy's calls for negotiations, while McCarthy is pushing a plan that can't pass the Democratic-majority Senate. (AP Photo/J. Scott Applewhite, File)
What Happens if America Defaults on Its Debt?

If the country defaults on its debt, millions of people would lose their jobs, retirement accounts would be decimated, Social Security payments could be delayed, Medicare and Medicaid benefits could be affected, and military members could see paychecks delayed.

Rep. Kevin McCarthy, R-Calif., listens to the fifth round of votes in the House chamber as the House meets for a second day to elect a speaker and convene the 118th Congress in Washington, Wednesday, Jan. 4, 2023. (AP Photo/Alex Brandon)
Republicans Repeatedly Failed to Elect a New House Speaker. Here’s What That Means and Why It Matters

The new Republican-controlled House has thus far failed six separate times to elect a House Speaker—the first time such a debacle has occurred since 1923. Until the new Congress elects a speaker, the House cannot assign members to committees, introduce or vote on legislation, help constituents, or even swear in members.