Biden Caves to McCarthy, Agrees to Meet the Speaker About Raising the Debt Limit

PJ Media ^ | 05/02/2023 | Rick Moran

[SeekAndFind]

After weeks of saying he would never meet with House Republicans to raise the debt limit, Joe Biden was forced to cave to the Republicans after his Treasury Secretary Janet Yellen gave Washington a drop dead date for raising the debt ceiling — June 1.

The date was at least a month earlier than most experts were predicting. And with Republicans already having a debt limit bill in hand, Biden reluctantly agreed to drop his demand for a “clean” debt limit bill with no negotiations.

Biden’s position was never viable. So the president must now talk about budget cuts with the GOP or find a way to avoid blame if the whole kit and kaboodle goes south.

Democrats have one bullet they can use. Because they control the Senate, they can bring a “clean” debt limit bill to the floor and dare the GOP House to defeat it. But it’s not even clear that Democrats can pass a clean bill in the Senate, and Majority Leader Chuck Schumer may not risk it.

Despite the urgency, Biden has scheduled the meeting for May 9.

Washington Post:

But with Monday’s news that default could come as soon as next month, the president set in motion a plan to hold talks on May 9, personally calling McCarthy as well as Senate Majority Leader Charles E. Schumer (D-N.Y.), Senate Minority Leader Mitch McConnell (R-Ky.) and House Minority Leader Hakeem Jeffries (D-N.Y.), according to a White House official, who spoke on the condition of anonymity to describe private conversations.

The Treasury Department, sounded an urgent alarm about the need for haste: In a letter to lawmakers, Treasury Secretary Janet L. Yellen said the agency may be “unable to continue to satisfy all of government’s obligations by early June, and potentially as early as June 1.”

[T. Rustin Noone]

I think that this is less about budgets and spending limits than who is going to be holding the hot potato when everything goes south in 12 months or less.

There is a recession coming and it has all the predicates for being a big one. The banking ‘dominos’ are continuing to fall with the Pacific northwest regional banks starting to teeter. inflation persists, the housing and construction markets are flatlining and commercial real estate is well past the point of collapse. If nothing else happens, Team Biden is on the hook for this mess. So, Biden and his handlers arrange to meet with McCarthy for ‘negotiations’. We can almost see the headlines now, “Biden agrees to future spending limits to saves the full faith and credit of America now”. Biden’s handlers would love to be able to say that they were forced to reduce ‘critical’ spending and that this was what threw the country into recession. Any excuse will do, as long as they can blame this on the Republicans on the run up to the ‘24 elections and open the floodgates for future spending without a pause.

Nope. This isn’t about budgets or deficits. This is about 2024 and the Left’s desperate grab for permanent power. Guaranteed.