They could come to a messy compromise that resolves the issue by promising yet-to-be-determined budget cuts. theSun theSundaily messy budgetcuts Biden WorldNews
The world will watch on Tuesday when President Joe Biden and Republican leaders meet to negotiate the US debt ceiling//AFPix: Washington’s power brokers love playing chicken. But the rest of the world will watch in dread Tuesday when President Joe Biden and Republican leaders meet to negotiate the US debt ceiling — praying that one side finally blinks.
This year, McCarthy and his radicalized right-wing party have decided to say no, unless Democrats first agree to sweeping budget cuts, giving in to the Republican message that Biden has been profligate and irresponsible. Soaring interest rates, stock sell-offs, Treasury bond downgrades, and near certain US recession will be on the menu — and that’s before factoring in long-term harm to the US geopolitical brand.
Yet he’s also adamant about not caving into the Republican attempt to link budget negotiations to the debt ceiling, saying this will transform a basic, fundamental obligation into a political football. “No one’s ever not voted to increase the debt limit.” he said. “I’m going to reiterate to congressional leaders that they should do what every other Congress has done — that is, pass the debt limit, avoid the default.”The two sides could simply punt, extending the debt ceiling for a few weeks, while talks continue.
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