The government came within 72 hours of default. In 2011, when Barack Obama was president, there were negotiations over the debt ceiling. So a really clear indicator in terms of how far apart they were even just going into this first major meeting yesterday." They called it a ransom note to the American people. Act, signaling that it was not going anywhere.
Democrats dubbed the same bill the Default on America Act or D.O.A. And just to show you how far apart both parties were. "It would raise the debt ceiling by $1.5 trillion or until March of next year, whichever happens first. Now, we should also note this bill that was finally passed in April, it was called the Limit, Save, Grow Act. So they spent weeks they spent months waffling back and forth in terms of one side not detailing enough for the other to start these negotiations. And so that gave the president and that gave House Speaker McCarthy a much tighter window to get together. "And so that didn't come until towards the end of April. Where do you want to start in terms of these talks, and where are House Republicans? Well, they didn't pass their bill with their partisan wish list on what kind of spending cuts, what kind of levels they would like to see over the next decade, and what programs could be rolled back, for example, such as unspent COVID relief dollars. And Biden said, I want to see your offer on spending, on the budget. When you look at the beginning of the year, Biden and McCarthy had not even met. Interview HighlightsĬlaudia Grisales: "Where they started, they were really far apart. Loeb University Professor Emeritus at Harvard Law School. Former Domestic Policy Director and Deputy Chief of Staff for Senate Republican leader Mitch McConnell. Rohit Kumar, principal and co-leader of PwC’s National Tax Services practice. Spent eight years as a top economic advisor to President Barack Obama, including as deputy director of the National Economic Council during the 2011 debt ceiling negotiations. Jason Furman, Aetna professor of the practice of economic policy at the Harvard Kennedy School.
GuestsĬlaudia Grisales, congressional correspondent for NPR. Today, On Point: What’s the path forward? We hear lessons from America's last debt ceiling crisis. In 2011, the country came within 72 hours of that happening. debt limit is pushing the country perilously close to default. Sign up for the On Point newsletter here.Ī political stand-off in Washington on the U.S. US Vice President Joe Biden said Monday he was confident that Congress would approve a major austerity plan to avoid a debt default as he met with skeptical members of his Democratic Party.AFP PHOTO/Stan HONDA (Photo credit should read STAN HONDA/AFP/Getty Images)
Detail of the National Debt Clock, a billboard-size digital display showing the increasing US debt, on Sixth Avenue Augin New York.
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