The debt ceiling is usually raised with little drama. Under President Trump, Republicans agreed to raise the ceiling three times without any demands. Now, however, they are using the prospect of default as leverage to demand spending cuts.
that Yellen was personally calling CEOs to warn them of the “catastrophic” impact of a default, which would likely trigger a devastating recession and kill millions of jobs.
Biden said he was “considering” it but had concerns about the time it would take to be litigated in the courts. He referenced “I don’t want to consider emergency options,” she said. “What’s important is the members of Congress recognize what their responsibility is and avert what will surely be regardless of how it’s handled, what option is used to handle it, an economic and financial catastrophe.”From left: Senate Minority Leader Mitch McConnell, Speaker of the House Kevin McCarthy, Biden and Senate Majority Leader Sen. Chuck Schumer in the Oval Office on Tuesday.
A growing understanding of the situation seems to have contributed to the change. Roughly a quarter of Americans still incorrectly believe, as they did in January, that the U.S. House regularly needs to raise the debt limit in order to “authorize new federal spending.” But more now realize that such votes “allow the federal government to pay for spending that Congress has already authorized” , and fewer are uncertain .
Republicans in particular have become more entrenched since January. Back then, far more Americans favored a clean debt limit vote “without new policy demands” than one “attaching new policy demands” .
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