The Daily

The Debt Ceiling Showdown, Explained

Jan 23, 2023

Jim Tankersley, a White House correspondent for The New York Times, dives deep into the rapid escalation of the U.S. national debt, now over $31 trillion. He unpacks the political tensions surrounding the debt ceiling, detailing the historical showdowns and the evolving strategies of Republicans and Democrats. From fiscal policies under various presidents to the implications of potential defaults, Tankersley presents a fascinating look at how budget decisions shaped today’s economic landscape, highlighting the urgent need for fiscal reform amidst political gridlock.

28:05

Creator website

Episode guests

Jim Tankersley

Highlights

AI Chapters

Episode notes

The Pros and Cons of George W. Bush's Presidency

01:25

The Cost of Four Presidential Presidencies

01:14

Intro

5min

Understanding the Origins of National Debt

2min

From Surplus to Debt: A Fiscal Journey

9min

Exploring the Complexities of Rural Ranching and Redemption

2min

The Debt Dilemma: Partisan Perspectives

11min

Investigations into Violence and Classified Material

2min

In the past decade or more, votes over increasing the U.S. debt ceiling have increasingly been used as a political tool. That has led to intense showdowns in 2011, 2013 and, now, 2023.

This year, both sides of the argument are dug in and Republicans appear more willing to go over the cliff than in the past.

What does this year’s showdown look like and how, exactly, did the United States’ debt balloon to $31 trillion?

Guest: Jim Tankersley, a White House correspondent for The New York Times.

Background reading:

Two decades of tax cuts, recession responses and bipartisan spending fueled more borrowing has set the stage for another federal showdown over the debt limit.
Last week, America hit its debt limit. Here’s what to know.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

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