{"id":11698,"date":"2023-05-21T10:01:51","date_gmt":"2023-05-21T14:01:51","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/biden-says-hes-not-concerned-about-the-debt-ceiling-why-he-should-be\/"},"modified":"2023-05-21T10:01:52","modified_gmt":"2023-05-21T14:01:52","slug":"biden-says-hes-not-concerned-about-the-debt-ceiling-why-he-should-be","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11698","title":{"rendered":"Biden Says He’s Not Concerned About the Debt Ceiling. Why He Should Be."},"content":{"rendered":"
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On Saturday President Biden, traveling in Japan for a meeting of the G-7, said he was \u201cnot at all\u201d concerned about debt-ceiling negotiations in Washington, despite a tough Friday of talks between House Republicans and the White House. Maybe he should be.\u00a0<\/p>\n

Biden isn\u2019t alone in his rather sanguine attitude. So far, markets have been relatively calm about a looming deadline to raise the nation\u2019s debt limit by June 1, when the Treasury Department has indicated the U.S. would no longer be able to pay its bills. Big business also seemingly hasn\u2019t asserted itself amid the negotiations, notes Joseph White, director of the Center for Policy Studies at Case Western Reserve University.\u00a0<\/p>\n

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\u201cAt some level, debt-ceiling crises are like the boy who cried wolf: there\u2019s been a bunch of them before and, yes, people believe that this time the wolf isn\u2019t there\u2014that the wolf has never been there,\u201d says White. \u201cIt\u2019s always been settled.\u201d<\/p>\n

But that doesn\u2019t mean businesses and investors shouldn\u2019t be worried about what\u2019s to come over the next 10 days, White says. This time, there is less \u201ccentrist pressure\u201d bearing on Republicans to avoid the economic risks of a default. In fact, the opposite may be true. Republicans are much less likely to be \u201cshamed by potential supporters\u201d and a political base that watches Fox, while mainstream media, in turn, has less influence to shame-and-blame than in the past. Those factors \u201cmake it much less likely they will concede this time,\u201d says White.\u00a0\u00a0\u00a0<\/p>\n

Biden still seems optimistic about a deal getting done. On Saturday, he said these negotiations go \u201cin stages\u201d and that he believes \u201cwe\u2019ll be able to avoid a default and we\u2019ll get something decent done,\u201d according to a White House release of his exchange overseas with reporters. On Friday evening, however, House Speaker Kevin McCarthy said on Twitter that \u201cWashington doesn\u2019t have a revenue problem\u2014it has a spending problem.\u201d For White, the current dynamic suggests that it\u2019s unlikely a deal gets done without the Democrats conceding something.\u00a0<\/p>\n

\u201cIt\u2019s hard to see how [McCarthy] gives in unless he gets something out of Biden,\u201d says White.\u00a0<\/p>\n

That may be something the Biden White House can live with if caps on\u00a0<\/strong>discretionary spending are small enough and can be fixed later.\u00a0<\/p>\n

But there\u2019s a chance even that isn\u2019t enough.\u00a0<\/strong>White cautions that it seems that a much larger portion of Congress than ever before either wants a U.S. default, or doesn\u2019t believe the consequences would be so bad.\u00a0<\/strong>\u201c[The] media environment and the political environment behind those people isn\u2019t telling them they\u2019re wrong, isn\u2019t telling them it\u2019s risky, isn\u2019t blaming them for doing it,\u201d he says. \u201cIf I had to predict\u2014it\u2019s not going to get raised.\u201d<\/p>\n

And only then will we find out if Republicans were right to be so cavalier with a U.S. default.<\/p>\n

Write to Catherine Dunn at catherine.dunn@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On Saturday President Biden, traveling in Japan for a meeting of the G-7, said he was \u201cnot at all\u201d concerned about debt-ceiling negotiations in Washington, despite a tough Friday of talks between House Republicans and the White House. Maybe he should be.\u00a0 Biden isn\u2019t alone in his rather sanguine attitude. So far, markets have been […]<\/p>\n","protected":false},"author":1,"featured_media":11699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-11698","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBiden Says He's Not Concerned About the Debt Ceiling. 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