It sets in motion the deciding round of a power struggle whose outcome will impact the global economy. Read more at straitstimes.com.
The White House is clinging to an “irrational, reckless” strategy and Democrats are “terrified” about allowing “clueless” Biden to negotiate, tweeted the Freedom Caucus – the group of hard-right Republicans effectively controlling the razor-thin Republican majority in the House.A strong economic recovery from the Covid era is one of Mr Biden’s main cards in his bid for a second term next year. So the 80-year-old has all the more reason to steer the country clear of crisis.
“They’re trying to hold the debt hostage to us to agree to some draconian cuts,” he told advisers on Friday. “No one’s ever not voted to increase the debt limit.” he said. “I’m going to reiterate to congressional leaders that they should do what every other Congress has done – that is, pass the debt limit, avoid the default.”The two sides could simply punt, extending the debt ceiling for a few weeks, while talks continue.They could come to a messy compromise that resolves the issue by promising yet-to-be-determined budget cuts, but condemning the nation to repeat the whole drama in an election year.
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