President Biden hasn’t yet lost control of Congress. But already, his admin is preparing for its first major showdown with a newly emboldened GOP party.
Senior Biden officials and allies are exploring a series of strategies for raising the debt ceiling. | Alex Brandon/AP PhotoPresident Joe Biden hasn’t yet lost control of Congress. But already, his administration is preparing for its first major showdown with a newly emboldened Republican party.
The U.S. has never defaulted on its debt. But such a move would immediately send the economy into a tailspin, spike interest rates and reverberate across the globe. “Nothing, nothing, nothing will create more chaos and do more damage to the American economy than playing around with whether we pay our national bills,” Biden said during an appearance Tuesday in Florida.
“You’re talking about really tearing out the insides of the country,” one economic adviser to top Democrats said of the threat of a debt default. “It should take a superhuman effort from rationally minded people to do everything possible to head this off at the pass.” But some Biden advisers view the elimination option as politically ill-advised and far more difficult to find consensus on even among Democrats.
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