Economist Podcasts A run for its money: funding crunches in Congress
Sep 28, 2021
Idris Kaloun, a Washington correspondent for The Economist, dives into the looming budget crisis threatening President Biden's social-spending reforms. The discussion navigates the political turbulence within the Democratic party and the risks of a government shutdown. Kaloun also highlights South Korea's controversial battle against fake news, examining how it may stifle journalism rather than support it. Lastly, they explore an intriguing new art exhibition that poignantly addresses human fragility through an immersive experience.
AI Snips
Chapters
Transcript
Episode notes
Build Back Better Disputes
- Democrats struggle to agree on the size and scope of the Build Back Better Act, Biden's social spending plan.
- The House will vote on a separate bipartisan infrastructure plan.
Intertwined Spending Issues
- Three concurrent spending-related issues in Congress risk the government budget and potentially sovereign debt.
- These issues also threaten Joe Biden’s social-spending reforms.
Debt Ceiling Explained
- The debt ceiling is a limit on government borrowing to fund already-authorized spending, not new spending.
- Approaching the debt ceiling forces the Treasury to take extraordinary measures, like delaying payments.