Biden's meeting with McCarthy to discuss the lifting of the nation’s debt ceiling today will kick off what’s likely to be a drawn-out fight over the nation’s fiscal path — one that could lead to an economic catastrophe.
on Wednesday to discuss the lifting of the nation’s debt ceiling, it will kick off what’s likely to be a drawn-out fight over the nation’s fiscal path — one that could lead to an economic catastrophe.
Instead, Biden officials have privately discussed the potential for a compromise that heads off a debt ceiling crisis while separately granting McCarthy small concessions that would allow him to save face with his party — such as creating a commission to study and propose future spending reforms. “Every indication is that absent radical budget cuts and slashing some of the programs that Biden championed, the right wing of the House Republican caucus is not going to go along,” said one Biden economic adviser. “McCarthy has not yet demonstrated that he can get the maximalists in his party to agree to anything other than the maximal position.”
“What you’re not going to see is either party move their position,” the Biden adviser said. “This is the meeting where folks scope things out and get a sense of where everybody is.” The White House plans to release its budget proposal on March 9, offering what officials hope will provide a clear contrast with Republicans’ demands and sharpen the public debate over lifting the debt ceiling.
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