“You can’t just continue down the path to keep spending and adding to the debt,” the California Republican told Punchbowl News in a recent interview. “And if people want to make a debt ceiling [for a longer period of time], just like anything else, there comes a point in time where, okay, we’ll provide you more money, but you got to change your current behavior.”
“We’re not just going to keep lifting your credit card limit, right,” he added. “And we should seriously sit together and [figure out] where can we eliminate some waste? Where can we make the economy grow stronger?”
Pressed on whether changes to the entitlement programs such as Medicare and Social Security were part of the debt ceiling discussions, McCarthy said he would not “predetermine” anything.
The debt limit — the country’s borrowing cap — will need to be lifted next year to protect the country’s credit score and to prevent the United States from defaulting on its debt. But McCarthy suggested that his party would be willing to hold the debt limit up for policy changes
The debt limit is the total amount of money that the government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salari.es, interest on the national debt, tax refunds and other payments. The debt limit is not new spending but rather allows the government to finance existing legal obligations.