President Joe Biden and House Speaker Kevin McCarthy convened on Tuesday afternoon in an effort to address the impasse on the debt ceiling, as concerns grew over the potential for a self-inflicted economic crisis amidst Republican demands for spending cuts. The stakes were high, with the failure to reach an agreement risking the unprecedented default on the nation’s staggering $31.4 trillion debt, a catastrophic outcome that could have far-reaching consequences for the U.S. economy and reshape the political landscape. However, sources familiar with the discussions revealed that the White House officials did not anticipate a finalized framework to emerge from the meeting with congressional leaders. Furthermore, they did not anticipate an agreement to be reached before President Biden’s scheduled departure for Japan on Wednesday. The situation remained precarious, leaving the nation anxiously awaiting progress on this critical issue.
Democrats love nothing more than spending your money, so that’s why they don’t like the debt ceiling, but someone has to pay for that extra spending, but how much will their reckless spending cost you? For more information, Lars speaks with Grover Norquist is President of Americans for Tax Reform.