McCarthy slams Biden for previously supporting spending reforms but not GOP's proposed reforms

House Speaker Kevin McCarthy is speaking to the New York Stock Exchange on Monday as he called out President Joe Biden for supporting previous debt limit increases attached to spending reforms.

McCarthy, a California Republican, said his appearance in front of the world's largest stock exchange comes on his 100th day as speaker. 

Biden voted for spending reforms attached to debt limit increases four times as a senator, and when he voted against raising the debt limit, "it was because he said the deficit reduction measures were not enough to justify debt limit increases," McCarthy said.

"What changed Mr. President?" McCarthy said, alluding to how the Biden administration has said Republicans are endangering the economy and security by trying to negotiate on the debt limit.

"I agree with the former, sensible Joe Biden," McCarthy said to applause. "He knew that our government was designed to find compromise. I just wish that the current, extreme Joe Biden would listen to the former Joe Biden too."

He said that the House will vote on a bill that will lift the debt ceiling into 2024 while still saving trillions of taxpayer dollars without touching Social Security or Medicare.

"The American people are left paying the price" of the Biden administration's policies, McCarthy also said. The White House's "incompetent bank supervision and the negative effects of constantly fighting President Biden's inflation" for the failure of Silicon Valley Bank last month, he continued.

"If you gave your child a credit card, and they kept maxing it out to the limit, would you just blindly raise the limit? Of course not," McCarthy said. "You'd be responsible for paying the bill, but you would sit down, you'd work with them to figure out how they could change their spending habits so it never happens again. The exact same thing is true with our national debt."

Before his speech, McCarthy tweeted Sunday that similar to President Ronald Reagan's speech at the New York Stock Exchange in 1985, he plans on outlining "the urgent need for a 𝗿𝗲𝘀𝗽𝗼𝗻𝘀𝗶𝗯𝗹𝗲 debt ceiling increase."

The United States reached its debt ceiling of $31.38 trillion in January.

Republicans are proposing raising the debt limit into 2024 in exchange for spending cuts and other Democratic concessions, Just the News reported Saturday, citing people familiar with the matter.

Madeleine Hubbard is an international correspondent for Just the News. Follow her on Twitter or Instagram.