Morning Wire Debt Ceiling Negotiations & Car Cost Hesitancy | 5.18.23
May 18, 2023
President Biden is strategically navigating high-stakes negotiations over the debt ceiling, while the auto industry faces a trend of Americans holding onto older cars due to skyrocketing prices. With new car costs climbing, many drivers are now keeping their vehicles for an average of 12.5 years. Meanwhile, concerns emerge from whistleblower claims suggesting interference in the Hunter Biden investigation, raising questions about transparency in ongoing inquiries. It's a fascinating mix of economic challenges and political intrigue!
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Debt Ceiling Negotiations
- President Biden is negotiating the debt ceiling with Republicans after initially refusing.
- This negotiation follows the House passing a debt limit bill, putting pressure on Biden.
Work Requirements for Entitlements
- Work requirements for entitlements are a key sticking point in the debt ceiling negotiations.
- This is highly symbolic, representing a shift from the Democratic party's past moderate stance.
Increased Car Ownership Duration
- Americans are keeping their cars longer due to rising new and used car prices.
- The average car age is now 12.5 years, the oldest on record.