House Speaker Kevin McCarthy is studying the history books and considering the appointment of a mix of lawmakers and business leaders as he lays the groundwork for a new commission to tackle the nation’s growing debt.
McCarthy is fresh off his biggest political victory since becoming speaker in January. He got the White House to negotiate on a bill that suspends the debt ceiling into January 2025 while also producing a projected $1.5 trillion in deficit savings over the coming decade.
McCarthy refused to accept any tax increases as part of the debt ceiling talks. And when asked if he had any such red lines for the debt commission, McCarthy said he currently is focused on getting the structure of the commission right, but added that the revenue coming into government coffers, about 19.2% of gross domestic product last year, is at the high end of the 50-year average.
McCarthy said one thing he could do as speaker would be to bring up recommendations from the debt commission one at a time rather than in one fell swoop. On the Senate side, Sen. John Thune, the No. 2-ranking Republican, gave the commission concept his endorsement, saying “we got to start taking this stuff on.”
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