Read MoreNegotiations continue over plan to increase debt limitSign up to receive First Thing – our daily briefing by email
If a standoff over the debt ceiling sounds familiar, that’s because it is. Republicans used the issue as a bargaining chip twice during Barack Obama’s presidency, including in 2011, when the deadlock resulted in one of the major ratings agency’s downgrading the United States’s debt for the first time.
Daniel Pfeiffer was a senior advisor in Obama’s White House, and in a column for the New York Times today, he argued that Joe Biden’s strategy of refusing to negotiate with Republicans is wise. Here’s why:
The only politics that matter is avoiding default — and Mr. Biden’s approach is the best way to do that. It also offers Mr. Biden a chance to highlight two qualities that he will likely run on in 2024: He’s a man of principle, but he’s also a sensible man who can get things done.
The biggest impediment to negotiations is that, with Mr. McCarthy, the president faces a weak negotiating partner. That said, Mr. Biden should have two objectives. The first is to make sure the debt limit is extended through the election so that we are not right back in this precarious position next year.
The 2023 debt ceiling crisis seems much more dangerous the ones President Obama dealt with when I worked in the West Wing. A lot is going to happen in the next few weeks, but if Democrats want to avoid default and once again save the nation from radical Republicans, their best bet is sticking with President Biden and calling the Republicans’ bluff.
The question isn’t whether the president can tear up the debt limit statute to ensure that the Treasury Department can continue paying bills submitted by veterans’ hospitals or military contractors or even pension funds that purchased government bonds.
The question isn’t whether the president can in effect become a one-person Supreme Court, striking down laws passed by Congress.
Continue reading…Negotiations continue over plan to increase debt limitSign up to receive First Thing – our daily briefing by emailIf a standoff over the debt ceiling sounds familiar, that’s because it is. Republicans used the issue as a bargaining chip twice during Barack Obama’s presidency, including in 2011, when the deadlock resulted in one of the major ratings agency’s downgrading the United States’s debt for the first time.Daniel Pfeiffer was a senior advisor in Obama’s White House, and in a column for the New York Times today, he argued that Joe Biden’s strategy of refusing to negotiate with Republicans is wise. Here’s why:The only politics that matter is avoiding default — and Mr. Biden’s approach is the best way to do that. It also offers Mr. Biden a chance to highlight two qualities that he will likely run on in 2024: He’s a man of principle, but he’s also a sensible man who can get things done.The biggest impediment to negotiations is that, with Mr. McCarthy, the president faces a weak negotiating partner. That said, Mr. Biden should have two objectives. The first is to make sure the debt limit is extended through the election so that we are not right back in this precarious position next year.The 2023 debt ceiling crisis seems much more dangerous the ones President Obama dealt with when I worked in the West Wing. A lot is going to happen in the next few weeks, but if Democrats want to avoid default and once again save the nation from radical Republicans, their best bet is sticking with President Biden and calling the Republicans’ bluff.The question isn’t whether the president can tear up the debt limit statute to ensure that the Treasury Department can continue paying bills submitted by veterans’ hospitals or military contractors or even pension funds that purchased government bonds.The question isn’t whether the president can in effect become a one-person Supreme Court, striking down laws passed by Congress. Continue reading…