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Administrator- Joined
- May 11, 2013
- Posts
- 24,887
- Reaction score
- 13,613
- Points
- 2,755
- Location
- Morganton, N.C.
- Website
- conversations-ii.freeforums.net
(The Guardian) Biden, McCarthy to meet as debt ceiling imperils economy
This afternoon, Joe Biden will hold his first meeting with Kevin McCarthy since the California Republican was elected speaker of the House of Representatives, and the stakes couldn’t be higher. The two men will need to agree on a way to raise the US government’s borrowing limit in the next five months or so, otherwise Washington could default on its debt payments for the first time in history, with potentially cataclysmic economic consequences. That said, the White House is telling reporters not to expect too much from their encounter scheduled for 3.15pm eastern time – the two men will meet many times in the months to come.
The meeting between Joe Biden and Kevin McCarthy isn’t that big of a deal. No, really: just listen to what the White House is telling the press.
“First meeting of a hundred to follow,” a White House official told Politico. A more succinct description from the same person: “boring”.
The Biden administration yesterday laid out its demands for McCarthy with a memo that asked two questions: Will the Speaker commit to the bedrock principle that the United States will never default on its financial obligations …?
When will Speaker McCarthy and House Republicans release their Budget?
McCarthy has already answered the first question, saying he will not allow a default in a CBS News interview last Sunday. The budget is an outstanding question, and one Biden and the Democrats will surely seize on to cast the GOP as making vague demands in a negotiation with uniquely high stakes.
As for McCarthy, he has cast just getting the president to sit down with him as a victory, since Biden says he won’t negotiate over increasing the debt ceiling and demanded Republicans raise it without preconditions. But the Republican speaker is intent on bargaining, saying Washington needs to reduce its spending. He hasn’t said what cuts he will demand, though has ruled out going after the Social Security and Medicare benefit programs.
“I’d rather sit down with the president, and let’s have those discussions,” McCarthy said on CBS. “The one thing I do know is, we cannot continue the waste that is happening.”
This afternoon, Joe Biden will hold his first meeting with Kevin McCarthy since the California Republican was elected speaker of the House of Representatives, and the stakes couldn’t be higher. The two men will need to agree on a way to raise the US government’s borrowing limit in the next five months or so, otherwise Washington could default on its debt payments for the first time in history, with potentially cataclysmic economic consequences. That said, the White House is telling reporters not to expect too much from their encounter scheduled for 3.15pm eastern time – the two men will meet many times in the months to come.
The meeting between Joe Biden and Kevin McCarthy isn’t that big of a deal. No, really: just listen to what the White House is telling the press.
“First meeting of a hundred to follow,” a White House official told Politico. A more succinct description from the same person: “boring”.
The Biden administration yesterday laid out its demands for McCarthy with a memo that asked two questions: Will the Speaker commit to the bedrock principle that the United States will never default on its financial obligations …?
When will Speaker McCarthy and House Republicans release their Budget?
McCarthy has already answered the first question, saying he will not allow a default in a CBS News interview last Sunday. The budget is an outstanding question, and one Biden and the Democrats will surely seize on to cast the GOP as making vague demands in a negotiation with uniquely high stakes.
As for McCarthy, he has cast just getting the president to sit down with him as a victory, since Biden says he won’t negotiate over increasing the debt ceiling and demanded Republicans raise it without preconditions. But the Republican speaker is intent on bargaining, saying Washington needs to reduce its spending. He hasn’t said what cuts he will demand, though has ruled out going after the Social Security and Medicare benefit programs.
“I’d rather sit down with the president, and let’s have those discussions,” McCarthy said on CBS. “The one thing I do know is, we cannot continue the waste that is happening.”
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