Former House Speaker Kevin McCarthy has announced that he will be leaving the U.S. Capitol at the end of this year to explore new ways to serve America. McCarthy, a 58-year-old Republican from California, made this decision after being ousted as speaker in October. In a recent Wall Street Journal column, McCarthy highlighted his accomplishments during his time in office.
Focusing on Key Achievements
During his tenure, McCarthy made significant contributions in several areas. He advanced legislation aimed at addressing issues along the U.S. southern border, energy policies, and crime prevention. Additionally, McCarthy emphasized the importance of addressing long-term global challenges, such as establishing a bipartisan Select Committee on the Chinese Communist Party and restoring the original charter of the Intelligence Committee.
Fiscal Responsibility and Deficit Reduction
McCarthy proudly stated that his efforts resulted in reducing the deficit by over $2 trillion. He also noted the revamping of work requirements for adults on the sidelines and the removal of red tape for critical domestic energy projects. McCarthy’s commitment to ensuring the full faith and credit of the U.S. was evident in his involvement in passing the Fiscal Responsibility Act. This act raised the U.S. debt ceiling and prevented a market-shaking default.
Estimates on Deficit Reduction
According to the Congressional Budget Office, the Fiscal Responsibility Act is projected to reduce deficits by $1.5 trillion from 2023 to 2033. The Committee for a Responsible Federal Budget estimates a reduction ranging from $1 trillion to $2 trillion.
Shifting Dynamics in the House
The announcement of McCarthy’s departure adds to the growing number of lawmakers opting not to run for re-election. This trend is significant, especially considering that Democrats are currently favored to regain control of the House. Betting markets like Smarkets, as well as media outlets such as Axios, New York magazine, and U.S. News, indicate a promising outlook for Democrats in the upcoming elections.
