GOP rep warns Washington to get 'bloated bureaucracy' under control: Default would be 'devastating'

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US cannot survive Washington’s ‘ridiculous’ spending: Rep. Nicole Malliotakis

House Ways and Means Committee member Rep. Nicole Malliotakis reacts to the U.S. surpassing its $31.4 trillion debt limit and discusses the likelihood of a government shutdown on ‘Cavuto: Coast to Coast.’ 

Rep. Nicole Malliotakis, R-N.Y., admonished Democrats for their "ridiculous" spending and unwillingness to work with Republicans on the debt ceiling, telling "Cavuto: Coast to Coast" the federal government's current fiscal path is unsustainable and could have a "detrimental impact" on American lives.

NICOLE MALLIOTAKIS: If they [Democrats] wanted to just raise it [debt imit] they should have done it in December. Democrats have had no problem not including House Republicans in any negotiation on how to spend the money when they passed that ridiculous omnibus package that has further added to our debt. They should have addressed the debt limit then, but now here we are in a new year, House Republicans are in control, and we want to have a say in this process. Most Americans looking at what is happening in Washington see $31 trillion as simply unsustainable; we can’t continue down this path. The debt to GDP ratio is 121%. 20 years ago it was 60%, and the year I was born, 1980, it was 35%. 

US DEBT CEILING THREATENING ECONOMIC OUTLOOK

We have a lot of responsible members who see what the detrimental impact could be on 401(k)s, on jobs, and real devastating impacts on American people’s lives. We cannot default on our debt. The White House should also be working with us, to say they will not negotiate with us, to call us "fiscally demented" because we want to put us [government] on a fiscal path of sanity, is the wrong approach.

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What a US debt default would mean for the market

Strategic Wealth Partners President and CEO Mark Tepper, Belpointe Chief Strategist David Nelson and Clearstead Advisors Senior Managing Director Jim Awad on impact of US debt default, supply chain shortages and Vietnam’s COVID recovery.

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