Opinion: The debt ceiling debate is back in Biden’s court
As the United States barrels towards an unprecedented default on our national debt, Speaker of the House Kevin McCarthy was finally able to pass a debt limit bill last Wednesday, shifting responsibility for avoiding economic catastrophe back to President Biden, who must now display presidential leadership, change his tactics, and come to the negotiating table.
However, two recent developments should be a wakeup call to the president that he must come to the table and send a message to voters that the economy takes precedence over politics. This is familiar ground for Biden. During debt ceiling negotiations in 1995, then-Senator Biden pushed for restraining federal spending as part of a deal to raise the debt ceiling. In a 1995 column for the New York Times, Sen. Biden pushed for a tradeoff that would lift the debt ceiling, and protect vital social programs, while prioritizing a reduction in government spending – identical to the middle-of-the-road approach needed today.
To that end, Democratic Senator Joe Manchin expressed hope that the passage of a bill would finally spur good-faith negotiations, saying, “I applaud Speaker McCarthy for putting forward a proposal that would prevent default and rein in spending…While I do not agree with everything proposed, the fact of the matter is that it is the only bill actually moving through Congress that would prevent default.
Addressing the upcoming meeting and GOP demands linking the debt ceiling with future spending, a senior administration official told reporters, “If you need to hear again that it’s your responsibility to address the debt ceiling without conditions and a ransom, then he can say that again.”
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