Veterans of 2011 U.S. debt-ceiling fight see tougher battle ahead

Both leaders lived through the 2011 showdown, Biden as vice president to Democrat Barack Obama and McCarthy as the No. 3 House Republican.

Biden and several aides still serving under him were scarred by the 2011 negotiations, according to two officials granted anonymity to discuss views within the administration. They were initially shocked that hardline Republicans would even broach the subject after years of drama-free debt-ceiling hikes and then decided to negotiate to avoid the worst.McCarthy will have to try to balance the demands of a vocal right wing in his party with the reality of divided government.

McCarthy also agreed to place three hardline conservatives on the Rules Committee, which sets the agenda for the House floor. That could enable them to block any compromise from even coming up for a vote. Some House Republicans protested when McConnell in December 2021 cut a deal to raise the debt ceiling and avoid default.

Some newer Republican lawmakers have absorbed former President Donald Trump's confrontational approach to governing, which adds another layer of risk, said Bass, the former Republican lawmaker.

Biden is evil along with his family and party. Hopefully it is only a matter of time when they start falling.

Americans see a GOP circus and a self-inflicted wound on our economy.

The Reps. have so little leverage that they have to use what they do have to the maximum extent possible. We are so deep in sh*t that extreme measures must be taken. By now one would have expected to see Articles of Impeachment for Mayorkas, Biden, Harris, Schiff and Swalwell.

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Never again: How a 'lesson of 2011' shaped Biden's no-negotiation stance on debt limitThe Obama-Biden White House agreed to negotiate with Republicans on the debt ceiling. It brought the U.S. economy to the brink of disaster — and the president and vice president vowed to change their posture. “Fiscal Cliff” - Ted Cruz 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?
Source: NBCNews - 🏆 10. / 86 Read more »