. Stocks took a hit. And the recovery from the Great Recession was in question. Democrats averted the cliff — by acceding to $2 trillion in spending cuts the GOP had demanded after negotiations on a “grand bargain” broke down — but Obama and Biden agreed that the mere threat of default had taken a serious toll.“They said: This is the sad lesson we’ve learned,” the Obama official said, describing the mood in the room. “It was an unimaginable self-inflicted wound in 2011.
His stance has drawn a rebuke from House Speaker Kevin McCarthy, who said he’s “disappointed” but has remained steadfast in his call for spending cuts. As in 2011, the GOP speaker runs a House majority full of ideologically-driven conservatives who want to use the debt limit as leverage to force budget changes on a Democratic-led Senate and White House.
Way back when you Stole Documents
32 trillion dollars in national debt. Has anyone asked the Democrat how much debt is too much? Has anyone asked the Democrat what percentage of a person's paycheck is too much to take in taxes? Of course no one has asked because Democrats couldn't give an answer.
You don’t negotiate with terrorists.
Quit spending…
Stop spending money that we don't have. Biden and Democrats have done the worst thing you can do for the economy-- print more money and discourage economic growth. This will cause harm to Americans for years to come
The President of the United States should not negotiate with Terrorists!
Goodness! Not negotiating the debt limit is Dumb and Dumber on steroids! This is America! To not negotiate hurts not only the country, but a whole lot of Americans too!!! This isn't 3rd grade! Both sides need to negotiate in good faith, do what's best for America!
Trump's trillion dollar tax cut to the top 1% cut that.
Maybe Democrat's should stop reaching the debt ceiling with such fervor?
Uh-huh… 🙄
Never again will we allow there to be a disruption in stealing more money from citizens! Never again will gov care about living within its means! Every wealthy representative & bureaucrat paid with tax $ should have their pay suspended, accounts frozen & be tried for fraud
I agree with the Republicans. They should hold firm and state with specificity what they would cut to not only balance the budget but to put it into surplus so the debt can be reduced. I wonder why they haven't done so yet? 🧐🧐🧐
NBC Should Be Covering What The Republicans Are Asking For ,And Is It Unreasonable? Instead The Same Fear Headlines. Granny Ain't Getting Her Check And Soldiers Won't Get Paid. Republicans Are Happy To Cover Those Payments,Until Final Negotiations Are Settled.
And now the credit card bill is that much higher. 95% of GDP in 2011, now its 125% of GDP. If the dollar ever loses status as the global reserve currency (and there are many large nations working to do that), the house of cards will collapse immediately. defaultonthedebt
We’ll be responsible stop spending on frivolous crap
shut it down. the out of control spending is killing america. if biden wont negotiate spending cuts, ohh well, thats on him.
Never to pass a budget again. Last one was passed in 2007. The gov shutdowns have only been able to occur because a pattern was created over 8 years
Question for economists: If the US does not raise the debt ceiling are the bonds undermined because the interest can't be paid, does the world economies have the potential to go under. For example China owns a lot of bonds. What happens?
“Fiscal Cliff” - Ted Cruz