Posted on 05/24/2023 7:37:13 AM PDT by SeekAndFind
The rollercoaster debt-ceiling talks are back at a stalemate amid a full-throated effort by the most conservative members of Kevin McCarthy’s caucus to preemptively kill any bipartisan deal.
Influential Rep. Chip Roy (R-TX) told a right-wing host Tuesday night that “my position is to hold the damn line” and force a GOP-only plan into law, one of the many similar comments from Republicans in recent hours.
“I don’t even care about the negotiations going on at the White House,” he added.
The GOP's internal dynamics are having a direct effect on the talks. House Speaker Kevin McCarthy abruptly shifted his tone Tuesday just hours after optimistic comments in the Oval Office.
Late Tuesday night, a lead member of McCarthy’s negotiating team told reporters that talks were now off unless they see “fundamental change” from the White House.
The conservative rebellion is a mirror of sorts to what President Biden is confronting on his left flank, with many Democratic lawmakers similarly skeptical of concessions.
The unrest on both fringes is raising new questions not just if a deal can be struck — but whether it could then even pass Congress in time to avoid a potential default on June 1.
For now, many in the business world are still planning for compromise. CFRA Research Chief Investment Strategist Sam Stovall told Yahoo Finance Tuesday “most people on Wall Street think that cooler minds will prevail.”
But he added a warning: “should the worst happen, history then tells us, watch out because we could enter into a new bear market.”
The conservative distaste surfacing online and in person reflects the official position of the powerful House Freedom Caucus.
(Excerpt) Read more at finance.yahoo.com ...
The conservative distaste surfacing online and in person reflects the official position of the powerful House Freedom Caucus.
The group said last week that McCarthy should refuse to negotiate and force the Senate to simply pass a sprawling GOP proposal that rolls back large pieces of Biden’s accomplishments.
ACCOMPLISHMENTS? What are these so-called accomplishments?
Destroying the country?
When the left does it they’re savy politicians.......when the right does it, it’s a “revolt”.......got it 👌
All kabuki theater.
“What are these so-called accomplishments?”
Well, ruining the economy and transing up the military are two things I’m sure the left considers major accomplishments.
I don’t believe Sniffer has a left flank. He is as far left as they go.
I don’t believe Sniffer is even CAPABLE of negotiating or even understanding he details of the proposal given by the House. All he can do is say “No” and let whoever is REALLY controlling the agenda dictate what he has to say.
.
Biden won’t compromise.
The Republicans are only asking for 2022 Spending levels.
Elections have consequences
.
Yes, yes and yes.
If “cooler minds prevailed” the federal government would immediately reign in spending, to preCovid levels, at least, avoiding inevitable bankruptcy & total economic collapse.
But not in the Yahoo! world of finance where “cooler heads” want to keep the gravy train a-rollin’
If the debt keeps rising, won’t the US have do default at sometime?
But common sense in in shorter supply today.
Kevin has already reassured Biden that there will be no default...so why continue to debate debt-ceiling?
RE: so why continue to debate debt-ceiling?
Slo Joe ( or to be more accurate, his handlers ) DON’T WANT ANY SPENDING CUTS in exchange for raising the debt ceiling. THAT is the stalling point and always has been.
“31 U.S. Code § 3123 - Payment of obligations and interest on the public debt
(a)The faith of the United States Government is pledged to pay, in legal tender, principal and interest on the obligations of the Government issued under this chapter.
(b)The Secretary of the Treasury shall pay interest due or accrued on the public debt. As the Secretary considers expedient, the Secretary may pay in advance interest on the public debt by a period of not more than one year....”
https://www.law.cornell.edu/uscode/text/31/3123
Note that the last sentence gave the Secretary of the Treasury the ability to hold off default for one year.
All these increase the maximum debt issue authorization amount or the federal government will default charades could have been avoided by Secretaries of the Treasury.
Congress has been repeatedly misinformed and misled.
Audacious! The Freedom Caucus wants to slow spending! How dare they!
As long as there will be no default, there needs to be no agreement. The only thing bringing the Dems to the table was the threat of default. With that off the table...who needs an agreement? Why does the Senate and the WH have no plan?
“If the debt keeps rising, won’t the US have do default at sometime?”
No, the federal government can engage in fairly short spending spikes that cause inflation to rage for years, decreasing the national debt burden of the country. This inflation comes at the expense of millions of mainly old people who can do nothing but accept their impoverishment.
The national debt amount of Joe Biden’s 2023 would buy a lot less than the national debt amount of Donald Trump’s 2018.
The national debt is up about 30% since Trump took office, but prices are up 30% to 100% (~50% on average).
I’ve given up on Yahoo News. They couldn’t put out an un-biased article if they tried.
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