Playing chicken with the debt ceiling
The deadline to raise the debt ceiling is looming closer than anyone realized. Republicans are determined to use this moment for leverage, while Democrats are determined not to use the nation’s economic future as a bargaining chip.
Congress and President Biden have five weeks to strike a deal on raising the debt ceiling, according to a new projection from the Treasury Department. Otherwise, the country will need to brace for an economic catastrophe. The problem? Neither side is willing to compromise.
President Biden and House Speaker Kevin McCarthy have agreed to meet next week, but both have also insisted they are unwilling to negotiate, stoking fears that the government may miss this critical deadline.
Tony Romm joins “Post Reports” to explain.
Read more:
- Biden seeks debt ceiling talks, as U.S. faces possible June 1 default
- Here’s what’s in the House GOP bill to raise debt limit, cut spending
- With debt bill adopted, far-right House Republicans ready for fiscal war
