Drawdown synonym6/29/2023 Here are four workarounds Biden could plausibly try out to avert the " financial Armageddon" of a default - and perhaps return budget fights to a place where government shutdowns are once more the worst outcome. Luckily, over the past 12 years economists, lawyers, historians, government officials, and sundry observers have come up with ideas to neuter the debt ceiling as a bargaining chip - to, in effect, shoot the hostage. And it is far from clear McCarthy can negotiate a compromise on behalf of his fractious caucus. But wrangling with recalcitrant House Republicans as vice president in 2011, during the last near-miss with willful default, Biden became convinced that you "do not negotiate with a speaker who cannot reach a deal," The New York Times reports. The first (and most likely) is finding some deal with House Speaker Kevin McCarthy (R-Calif.) that all parties find acceptable, if not pleasant. The government also couldn't pay for normal operations or services.īiden has no great options, but he does have options. and global economies, raising borrowing costs for the government, businesses, and American consumers, and sending unemployment soaring, according to government and private analysts. The stakes are high: Even a temporary default would be really bad for the U.S.
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