anderson, thank you. matt gaetz, he single handedly held up kevin mccarthy s election as speaker, you ll recall. well, tonight, he s threatening to do it again in a new battle on capitol hill. and he s here. i m michael smerconish. live from new york city on the day that president joe biden asks americans for another four years, the nation is at risk of a potential economic disaster. thanks to partisan and interparty politics in washington, the u.s. is scheduled to default on its debt as early as june. something that s never happened before. and if the nation defaults, that means massive job losses, almost assures a recession. federal benefits, like social security are at risk. interest rates, what you pay on your house, your car, your college loan, they all skyrocket. the stock market, it tumbles, drag with it your 401(k)s. i know what you re thinking. michael, come on. we have seen the movie before and we know how it ends. they re going to figure it out. just before t
old. the news continues. cnn newsroom with michael starts now. anderson, thank. you matt gates, he singlehandedly held up kevin mccarthy s election as speaker, you ll recall, well tonight he is threatening to do it again in a new battle on capitol hill. and, he is here. i m michael, live from new york city, on the day the president joe biden asked americans for another four years. the nation is at risk of a potential economic disaster. thanks to partisan and intra party politics in washington, the u.s. is scheduled to default on its debt, as early as june. something that has never happened before. , and if the nation default, that means massive job losses, almost usher as a recession. federal benefits like social security are at risk, interest rates, what do you pay out of your house, your car, your college loan, they all skyrocket. the stock market, it tumbles, dragging with it your 401 case. i know what you re thinking. you re thinking, michael, we ve seen the movie before.
they worth delaying this whole process? my understanding is that your fixated on work rules and whether they began in fiscal year, 2024, i don t to lose anybody in the weeds versus fiscal, your 2025. it seems like you re tinkering at the margins. welfare to work should be a cornerstone of the negotiation, if bill clinton a new gingrich can work, deals than certainly we should be able to make those with joe biden. and if any feature of this deal is sincere, it will start immediately. the oldest trick in washington is to delay things two, three, five years down the road to tell the voters that you believe in them but to get the spending now and the cuts delayed. i m not falling for that trick. my colleagues who put conditions on speaker mccarthy are not going to fall for that trick. , and let me answer the question you asked in the monologue. absolutely, features of the deal that allowed kevin mccarthy to ascend to the speakership require him to fight on the top line spending
whether they begin in fiscal year 2024. i don t want to lose everybody in the weeds, versus fiscal year 2025. it seems like you re tinkering at the margins. welfare to work should be a corner stone of these negotiations. bill clinton and newt gring rich can make welfare to work deals. we should make those with joe biden. any feature of this deal is sincere, it will start immediately. the oldest trick in washington is to delay things two, three, five years down the road to tell the voters that you believe in them but to get the spending now and the cuts delayed. i m not falling for that trick. my colleagues who put conditions on speaker mccarthy are not going to fall for that trick. and let me answer the question you asked in your monologue, absolutely. features of the deal that allowed kevin mccarthy to ascend to the speakership require him to fight on top line spending levels in this debt limit battle and to not delay that for the appropriations process that