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The Bunker – News without the nonsense
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The Debt Ceiling Standoff in America
Biden and congressional leaders will meet on Tuesday to discuss the debt ceiling. According to Janet Yellen, she's the Treasury Secretary, the US can't pay its bills. But Kevin McCarthy is demanding spending cuts in return for agreeing to Biden raising the ceiling. So he's using that as a negotiation tactic. And Biden's furious about that. He thinks that the threat of default shouldn't be used as a form of leverage in those kind of negotiations. Some economists are now saying, let's just scrap this ceiling altogether. It was useful at the time but has outlived all usefulness now.
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