In 2011, after faltering debt limit negotiations with House Republicans brought the U.S. to the brink of economic calamity, then-President Obama and then-VP Biden made a vow: Never again.
. Stocks took a hit. And the recovery from the Great Recession was in question. Democrats averted the cliff — by acceding to $2 trillion in spending cuts the GOP had demanded after negotiations on a “grand bargain” broke down — but Obama and Biden agreed that the mere threat of default had taken a serious toll.“They said: This is the sad lesson we’ve learned,” the Obama official said, describing the mood in the room. “It was an unimaginable self-inflicted wound in 2011.
His stance has drawn a rebuke from House Speaker Kevin McCarthy, who said he’s “disappointed” but has remained steadfast in his call for spending cuts. As in 2011, the GOP speaker runs a House majority full of ideologically-driven conservatives who want to use the debt limit as leverage to force budget changes on a Democratic-led Senate and White House.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Danny Masterson and Wife Bijou Phillips' Relationship Timeline: See PhotosDanny Masterson married Bijou Phillips in October 2011 after seven years of dating — relationship timeline
Les mer »
Obama's border chief Jeh Johnson admits crisis under Biden is 'much bigger'The former secretary of Homeland Security under President Barack Obama says 'the job is different' than when he was in charge of the agency.
Les mer »
Trump joins Biden, Obama in condemning 'horrible' beating of Tyre Nichols: 'Never should have happened'Former President Donald Trump has responded to bodycam footage showing five Memphis police officers brutally beating Tyre Nichols, who later died of his injuries.
Les mer »
Biden dusts off Clinton and Obama playbook for battling House RepublicansRepublicans risk being caricatured by the White House as President Joe Biden and his aides deploy strategies from former Presidents Bill Clinton's and Barack Obama's post-midterm election playbook.
Les mer »
White Grocery Tycoon’s Mayoral Campaign Has Ticked Off Michelle Obama and Black PhiladelphiansA recent social media campaign video that has now been removed from Jeff Brown’s official Instagram page featured the ShopRite store owner being praised by Black residents—even comparing him to God and “Big Ma.”
Les mer »