Yves here. Because Republicans are always and always bad guys, at least if you’re a Democrat, the commentators are IMHO way too generous to the Biden administration on the current debt ceiling impasse. Biden simply asserted that he was not going to negotiate, which was not credible unless he clearly indicated that he was ready to use a hitherto new escape route, namely the 14th amendment or minting of a $1 trillion platinum coin. Likewise, no effort has been made to delegitimize the debt ceiling by at least discussing how it is outright unconstitutional.
Perhaps the worst actor here is Janet Yellen, who merely warned when she thinks her ability to spend will hit the debt ceiling and, as far as I can tell, provided no leadership.
Of course, one could just as easily conclude that Democrats are more interested in fighting than winning.
By Jake Johnson. Originally posted on Common dreams
Sen. Bernie Sanders and 10 other senators on Thursday stepped up their calls for President Joe Biden to strongly consider invoking the power of his 14th Amendment to avoid a default as the GOP continues to demand deep cuts in federal spending and government spending. attacks on essential aid programs.
“It is unfortunate that Republicans in the House of Representatives and Senate are not acting in good faith. Instead, Republicans have made it clear that they are prepared to hold our entire economy hostage unless you don’t. ‘yield to their demands to cut the deficit on the backs of working families,’ the 11 lawmakers wrote in a statement. new letter to Biden. “It is simply unacceptable.”
The letter and a burst of urgent statements Since progressive legislatorscame amid continued uncertainty over whether the White House and Republican negotiators would be able to reach an agreement to increase the debt ceiling before the “X date” of June 1, the day the federal government could no longer pay its bills.
Progressives have strongly condemned the GOP’s push for new work requirements for federal aid recipients and deep austerity in the form of spending caps, which would devastate key programs and services and cripple the ability of government to respond to economic turbulence.
At a press conference Thursday after the new letter was released, Sanders (I-Vt.) slammed Republicans for pursuing “savage cuts” to the “needs of working families, the elderly, children, of the sick and the poor” in return for any agreement to raise the debt ceiling and avoid default.
“If right-wing Republicans force a default, it will mean the loss of millions of American jobs, interest rates on mortgages and credit cards will skyrocket, and Americans will lose billions of dollars in wealth from households,” Sanders warned.
But the senator added that “as disastrous as it would be to default on our debt, it would be equally disastrous to pass the outrageous Republican proposals,” which he said would fetch millions of dollars. nutritional aid, Medical helpAnd other key programs.
Republicans demanded a 1% cap on overall federal spending growth over the next decade, which would amount to real spending cuts, given that growth would be unable to keep up with inflation.
Sense. John Fetterman (D-Pa.), who has said he could not support a debt ceiling deal that harms the vulnerable, argued in a statement Thursday that Biden “must consider using the 14th Amendment if necessary.”
“The whole GOP debt ceiling negotiation is a sad charade, and that’s exactly what’s wrong with Washington. We are playing with fire and the livelihoods of millions only for the GOP to try to turn the screws on starving Americans,” Fetterman said. “That’s the whole reason the 14th Amendment exists, and we have to be prepared to use it. We can’t let these reckless Republicans hold the economy hostage.
Biden said earlier this month he “considered” invoking the 14th Amendment, but added that he didn’t think it “solved our problem now”.
The 14th Amendment states that “the public debt of the United States…shall not be called into question,” and some constitutional law experts combat— given that the debt payments are for spending already approved by Congress — that it provides a legal basis for Biden to end the current gridlock without congressional action.
The 11 senators who signed the new letter agreed, writing that “use of this authority would allow the United States to continue to pay its bills on time, without delay, preventing global economic catastrophe.”
“The choice we face is clear,” the lawmakers argued. “We cannot achieve a budget deal that increases the suffering of millions of Americans who are already living in despair. are doing incredibly well to start paying their fair share of taxes.
“Republicans’ reluctance to consider a dime in new revenue from the wealthy and big business, along with their diminished consequences of defaulting, has made it seemingly impossible to enact a bipartisan budget deal at this time,” they said. they added.