Photo: Xinhua /eyevine/ReduxBarack Obama was fed up, but Joe Biden was incredulous.weren’t going to negotiate anymore, and the American economy looked like it was on the verge of implosion thanks to an impending default on U.S. government debt. With the Treasury running out of room to borrow money, Republicans refused to raise the so-called debt ceiling without concessions.
This isn’t the product of a sudden pivot, nor a Trump-age awakening, nor even some new fiscal paradigm. After all, the Republican-led Congress hiked or suspended the debt ceiling four more times before Obama and Biden left office, and they did it sans global-economy-threatening brinkmanship.
It’s all a long way from when Obama saw serious opportunity in a budgetary “Grand Bargain” with Boehner, both on its perceived policy merits and because of the prospect of winning a bipartisan economic agreement to kickstart his re-election campaign. At least at the beginning, the negotiations involved substantive proposals to shift revenue sources and cut social programs.
As a result, Biden seems sure the GOP will face the blame for any standoff. And those around Biden now understand that McCarthy still has his own mountain to climb to even get his caucus to align on what it wants from the coming fight. While he has said he won’t demand cuts to Medicare and Social Security, that hasn’t stopped Biden’s White House from publicly insisting that McCarthy’s party will end up in that politically toxic spot.
Of course, something similar happened in 2011. Then, the Treasury Department secretly began to explore the concept of prioritizing its debt payments to try and dodge the blow of a default. But no one took talk of
Source: Education Headlines (educationheadlines.net)
gdebenedetti The GOP will still try to blame the failure to raise the limit on Biden. He will have to make the case clear.
gdebenedetti Biden called Georgia’s election reform law “Jim Crown on steroids.”
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Never again: How a 'lesson of 2011' shaped Biden's no-negotiation stance on debt limitThe Obama-Biden White House agreed to negotiate with Republicans on the debt ceiling. It brought the U.S. economy to the brink of disaster — and the president and vice president vowed to change their posture. “Fiscal Cliff” - Ted Cruz Never to pass a budget again. Last one was passed in 2007. The gov shutdowns have only been able to occur because a pattern was created over 8 years Question for economists: If the US does not raise the debt ceiling are the bonds undermined because the interest can't be paid, does the world economies have the potential to go under. For example China owns a lot of bonds. What happens?
Source: NBCNews - 🏆 10. / 86 Read more »
Danny Masterson and Wife Bijou Phillips' Relationship Timeline: See PhotosDanny Masterson married Bijou Phillips in October 2011 after seven years of dating — relationship timeline Stop this. He's a rpist.
Source: usweekly - 🏆 390. / 55 Read more »
Opinion: Joe Biden's record so far — and what does he have left to do?We asked: President Joe Biden is now halfway through a four-year term. What has he done well, what has he done poorly and what should he focus on going forward?
Source: sdut - 🏆 5. / 95 Read more »
Weekly White House Report Card: ‘Home of the Whopper’This week’s White House report card finds President Joe Biden in miserable shape. He will still pull ahead in the ballot count in the middle of the night in 2024 to win a miraculous reelection if something isn’t done about mail in ballots.
Source: dcexaminer - 🏆 6. / 94 Read more »
Donors slow as the realization hits that Trump can’t beat feeble Joe BidenThe people who donate money — particularly from the GOP entrepreneurial class — don’t do so lightly. They made their money spending when and where it mattered to create optimal economic gain. Gasparino is a huge Never Trump and a shill for Wall Street. Saying it doesn’t make it so! Fake news! You are now muted for spreading false information!! Имея огромный опыт, Байден не рекламирует себя, а добросовестно работает... Страшно представить Трампа агента Путина в сегодняшнем мире 🌍
Source: nypost - 🏆 91. / 67 Read more »
Delaware Senator Chris Coons on debt ceiling, classified documents and Joe BidenSenator Chris Coons talks the latest in national politics with the debt ceiling debate and the handling of classified documents leading the discussion. Then, the latest in local politics. Debt ceiling or manufactured political Crisis We never have this discussion when the Dept of defense needs $$ Or when Wall Street needs corporate bailouts
Source: 6abc - 🏆 250. / 63 Read more »