*By Amanda Weston* If the Federal Reserve continues to raise interest rates, the country may be in for "debt crisis," something "we've been warning about for years," said GOP Congressman Tom Reed. "The problem we face is, with this growing economy, this huge economy that is just booming across the country, I don't know how the Fed can continue to raise interest rates," Rep. Tom Reed (R-NY) told Cheddar Thursday. The Dow Jones Industrial Average was down almost 300 points [Thursday afternoon](https://cheddar.com/videos/selloff-spreads) after dropping more than 800 points Wednesday. The S&P was also down for its sixth straight day. The continued sell-off came after President Trump sharply criticized the Fed on Wednesday night, [saying it's "going wild"](https://www.reuters.com/article/us-usa-trump-fed/trump-calls-loco-federal-reserve-too-aggressive-fox-interview-idUSKCN1ML1TA) with interest rates. Reed praised the president for his "disruptive style, a unique style." "I appreciate that," Reed said. "But I think what I'd focus on, and what people should focus on, is what policy do we have to worry about with the actions of the Fed?" he asked. "And the policy that I'm very concerned about is, how do they control inflation when they cannot raise interest rates like they have historically? And that is the problem because the Fed can't raise these interest rates that much higher without igniting a debt crisis going off, and they know it." The market's sell-off coincides with another shake-up in the countryー the confirmation of Justice Brett Kavanaugh, who officially took his seat on the Supreme Court this week. After dramatic testimony from the Justice and one of his accusers, Prof. Christine Blasey Ford ー who alleged Kavanaugh assaulted her when the two were in high school ーan FBI investigation, and a tense 50-48 vote, Kavanaugh was sworn-in, still shrouded by controversy. Reed said Kavanaugh will carry his existing history on the bench to his new role as Supreme Court Justice. "The last few weeks, in my humble opinion, has been very sad for the entire country on both sides ー from Dr. Ford's perspective, from Brett Kavanaugh's perspective," Reed said. "To see now, in my opinion, the weaponization of sexual assault for political purposes, it's just a place I never thought we would go as a country." This echoes Trump's [previous comments](https://www.cnn.com/2018/10/02/politics/trump-scary-time-for-young-men-metoo/index.html) expressing concern for men who might be falsely accused of assault in the future. Reed added "the Kavanaugh situation" may have motivated voters who had previously planned to opt out of the midterms, potentially allowing Republicans to maintain their control of the House. For full interview [click here](https://cheddar.com/videos/rep-reed-talks-trump-haley-kavanaugh-and-hurricane-michael).

Share:
More In Politics
Biden Choice to Keep Jerome Powell at Fed Was 'Path of Least Resistance'
President Joe Biden named Jerome Powell, initially appointed by President Trump, to keep his seat as the chair of the Federal Reserve on Monday amid the ongoing challenges of the pandemic, inflation, and unemployment. David Beckworth, a former international economist for the Treasury Department and a senior fellow with the Mercatus Center, joined Cheddar to discuss what he sees as the practicality of Biden's decision. "What Powell brings to the table is he's built up political capital with Republicans and Democrats," he said. "It's easy for him to get the job done. I think in one way he was the path of least resistance for the president."
Elizabeth Holmes to Resume Theranos Testimony
In a surprise turn of events, Elizabeth Holmes took the stand in her own defense on Friday and is expected to continue her testimony later today. Holmes, who founded a blood testing start-up Theranos back in 2003, faces 11 counts of wire fraud as well as conspiracy to commit wire fraud. Aron Solomon, Chief Legal Analyst, Esquire Digital joined Cheddar's Opening Bell to discuss.
House Passes Build Back Better Plan, Goes to Senate
The House narrowly passed President Biden's $1.7 trillion Build Back Better bill, the largest expansion of the social safety net in decades. The final vote was 220 to 213, with only one Democrat joining all Republicans in opposing the bill. It now heads to the Senate, where it faces an uncertain fate. Jennifer Haberkorn, congressional reporter for the Los Angeles Times, joins Cheddar News' Closing Bell, where she breaks down the current version of the bill, where it goes next, and what it could mean for the country if it eventually reaches the president's desk.
Rittenhouse, Mcmichaels Trials Felt Across The Country
Two murder trials in focus in America — Wisconsin V. Kyle Rittenhouse and Georgia V. Travis Mcmichael, Gregory Mcmichael, and William Bryan, the Men who killed Ahmaud Arbery. Civil rights and criminal defense lawyer Anthony Tall and the Founder and CEO of Kim Crowder consulting Kim Crowder, joined Cheddar to discuss more.
Load More