Congress is not going to increase the debt ceiling without concessions. That ship has sailed. Wall Street and the Chamber of Commerce can yell until they’re blue in the face. The party of chaos doesn’t care.
McTurtle smells blood in the water. He had to, or he wouldn’t have aligned himself with Charlie McCarthy. Together, they’re betting that Biden will cave to their whims, or the default will damage Biden more than it hurts Republicans.
Biden’s approval rating is pathetic. Astonishingly, he trails trump on a number of them. I don’t believe that the polls are accurate (the Wisconsin supreme court race was supposed to be a dead heat, but the Progressive won handily) but it’s troubling to see Joe so poorly regarded when compared to the most dangerous politician in our nation’s history.
On the other hand, Biden caving is a nonstarter. The McCarthy plan would hurt veterans, working families, air traffic controllers, and it would gut much of the progress that Biden made in his first two years.
Biden is left with two miserable choices: cave to the McCarthy mob or pull a rabbit out of his hat. There’s some talk that he could justify executive action under the Fourteenth Amendment, but that seems like the kind of theoretical parlor game that a Democrat wouldn’t have the chutzpah to pull off, and it would probably be struck down by the corrupt Clarence Thomas court.
Yes, I am concerned. If the US defaults, it will trigger a global financial catastrophe. Runs on banks will accelerate, millions of Americans will lose their jobs, and the US dollar will no longer be the most valued currency on the planet. We have three weeks to sort it out.
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