US defaulting on debt is 'whole different level of economic risk,' Biden's economic adviser says

RealClear Markets editor John Tamny discusses if Biden and Republicans can reach a debt limit deal on 'Cavuto: Coast to Coast.'

The growing uncertainty over the debt limit comes after Republicans reclaimed the House majority, bringing to an end the one-party control enjoyed by Democrats over the past two years and threatening to revive a game of brinkmanship over raising or suspending the debt limit.

House Republicans in particular ran heavily on combating Democrat spending during the 2022 midterms. With Rep. Kevin McCarthy, R-Calif., now leading the House Republican majority, Republicans could push for spending cuts to the federal budget before helping to raise the debt ceiling.

"Fight, go into negotiations, make your case to the American people. That's democracy. But to threaten economic catastrophe - nobody, Democrat or Republican, should do that, no matter how much they believe in their agenda," he affirmed.

Let's face it ... the dysfunctionalPartyDuopoly is not now nor has it ever been affordable. JonathanHoenig debtBomb DebtLimit

Obviously COVID has taken a toll. In order to increase our nations industrial output, we should change our culture. Specifically, we should: Abolish the MMA and UFC. and: Create more Scholarships for crucial S.T.E.M. (Science, Technology, Engineering and Mathematics) studies.

Politics by definition is about making deals, so it’s on Biden if he refuses to even negotiate a deal.

The deadline was really Oct 1st, they just didn’t do their job. Wish their pay could be withheld when they fail to live up to their responsibilities. You’d see things getting done then.

Impeach!!!!

Then they shouldn't have approved $1.7 Trillion in spending 3 weeks ago when they knew about the deadline They flew the bill to Biden on vacation so he could sign it including $1.4 Billion for memberships in global multinational organizations Not worried about the risk then?

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Treasury Department buys time for President Biden and GOP on debt limit dealThe countdown toward a possible U.S. government default is in the offing — with frictions between President Joe Biden and House Republicans raising alarms about whether the U.S. can sidestep a potential economic crisis. What an awful headline. This is the fault of the Rs in the House who want to vote to make the USA a deadbeat country. There is not a deal needed.
Source: chicagotribune - 🏆 8. / 91 Read more »