Biden lost the debt negotiations
Glenn K. Beaton
Despite whatever click-bait headlines you’re seeing on Fox News, the Wall Street Journal reports that Republicans and Democrats have basically reached a debt deal. Credit the skillful negotiations of Republican Speaker Kevin McCarthy and the fumbling negotiations of President Joe Biden.
Biden’s opening card in this game was something he specializes in: nothing. He gambled this spring that he could portray the Republicans as intransigent extremists by refusing to negotiate with them, and the Republicans would wind up having to simply raise the debt ceiling without any concessions from the Democrats. More borrowed money to spend now and repay later, and no conditions on spending it.
Biden lost that gamble, bigly.
The loss was signaled early when, against all predictions, McCarthy managed to pass a Republican debt bill through the House. The bill certainly reflects Republican priorities, but it isn’t radical. It called for modest spending caps and redirection of funds away from the IRS – which is nobody’s friend – and toward the military.
more
https://theaspenbeat.com/2023/05/29/biden-lost-the-debt-negotiations/
