McCarthy's Speaker Failure Could Mean Higher Borrowing Costs for Americans

Kevin McCarthy's failure to become House Speaker could make borrowing more expensive for Americans if it undermines confidence in the US government.

Higher yields on US Treasuries raise borrowing costs economy-wide from mortgages to car loans.

McCarthy had to make too many deals to get the votes, leaving him vulnerable to rebels like Rep. Matt Gaetz.

The Congressional Budget Office warns higher debt service costs are coming due to deficit spending.

McCarthy's ouster after just a few months was predictable given the chaos of his election, but the consequences for Americans are serious.