Former President Donald Trump didn’t hold back on Sunday when he criticized the House GOP and ex-Speaker Kevin McCarthy for their decision to raise the debt ceiling last year. Trump took to Truth Social, praising McCarthy as “a good man and a friend,” but called the move “one of the dumbest political decisions in years.”
The debt ceiling was raised in May 2023, allowing the government to keep paying its bills until January 1, 2025. While the bipartisan vote helped avoid a financial crisis, Trump sees it as a massive mistake.
“There was no reason for it,” he wrote. “We got nothing out of it. It should’ve been Biden’s problem, not ours. Now, it’s on us!” Trump even nicknamed the situation “1929,” hinting at a potential economic crash like the Great Depression.
Trump argued that the Democrats are to blame and accused them of wanting a financial crisis just to hurt Republicans. He urged his party to act now, forcing the Democrats to deal with this “mess” before his administration takes over.
The former president also mentioned how markets have been struggling, with the Dow dropping over 4% recently, and warned of more challenges ahead.
Treasury Secretary Janet Yellen has already cautioned that lawmakers will need to revisit the debt ceiling in early 2025 to avoid a U.S. default.
It’s clear Trump wants to rewrite this narrative—and make sure the blame doesn’t land on Republicans.
