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House Republicans are set to steer the country toward a series of fiscal showdowns as they look to force the White House to agree to massive spending cuts, threatening a return to the political brinkmanship that once nearly crippled the economy and almost plunged the U.S. government into default.
The prospect for a catastrophe rose dramatically after conservatives brokered a deal with Rep. Kevin McCarthy (R-Calif.) that clinched his election as the speaker of the House early Saturday. To put an end to days of raucous debate, party lawmakers said they agreed to drive a hard line in upcoming budget talks, potentially including demands for significant changes to Social Security and Medicare.
“That is the biggest challenge in this Congress,” said Rep. Patrick T. McHenry (R-N.C.), a top ally to McCarthy, shortly after the speaker vote, adding that “debt, deficit and the fiscal house — that is a major…
