With the U.S. two weeks away from defaulting on its debt, President Biden returns from Asia to negotiate with Congress on lifting the debt ceiling. Republicans seek major budget cuts, but Democrats are pushing back.
Start off by talking about where these budget talks are, what not raising the debt ceiling would mean, and why you’re calling it a farce.OK, let’s back up two steps. So, on January 19th, the United States technically reached the congressionally approved limit in the national debt. This happens all the time. And due to a bunch of gimmicks, they were able to keep paying interest on the debt through the month of May.
So, my criticism of Biden — and I should say I’ve been relatively favorable to Biden. I mean, he was a pleasant surprise. He was more progressive in a lot of his appointees than we expected. But Biden is screwing up the tactics of this, because he’s mixing his message. On the one hand, he’s saying, “Look, this is nuts. We’re not going to negotiate,” but, on the other hand, succumbing to the pressure to look like he’s negotiating, he’s going through the motions of negotiating.
So, unfortunately, Biden has spoken out of both sides of his mouth on this. He said, yeah, he’d consider it, but it would take too long. In fact, that’s not true. There would be expedited Supreme Court review of this. Janet Yellen, unhelpfully, has said, “Oh, that would cause a constitutional crisis.
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