A typically destructive intervention from Donald Trump has further complicated talks about raising the debt ceiling, JohnCassidy writes.
and Republican congressional leaders are set to resume talks on Tuesday about ways to raise the debt ceiling before the moment arrives when the U.S. government is unable to meet all its financial obligations. “I remain optimistic because I’m a congenital optimist,” Biden told reporters on Sunday. On Monday, however,, the Speaker of the House, sounded a very different note. “I still think we’re far apart,” McCarthy told NBC News. “It doesn’t seem to me yet that they want a deal.
We know that outcomes of this nature are possible, because they have happened before. In 2011, a year after the Tea Party revolution handed control of the House to the G.O.P., Republicans demanded big spending cuts in return for agreeing to raise the debt ceiling, and the dispute wasn’t resolved until two days before the date when the Treasury Department said that its borrowing authority would be exhausted.
If the Biden Administration were to enact an updated version of the 2011 contingency plan, there wouldn’t be an immediate debt default should the X-Date pass without an agreement to raise the debt ceiling. But the consequences would still be dire. As the Brookings study makes clear, the U.S. government would be plunged into chaos.
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