President Donald Trump’s latest proposal to cap credit card interest rates at 10%, a position most House Republicans staunchly oppose, caught most lawmakers off guard.
One Republican, who sits on the Financial Services Committee, told NOTUS they “had no clue what was coming.”
“Can’t figure out what the legal authority would be or how it would be implemented,” they said. “Classic example of administration shooting from the hip.”
House Speaker Mike Johnson was quick to pour cold water on the idea Tuesday, saying it could have “negative secondary side effects.” On Wednesday, it was difficult to find any Republican who backed the idea.
The rift is the latest sign of the fraying relationship between Trump and House Republicans, who are all over the place when it comes to plans to address affordability and how to do so.
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