Hugo Gurdon, Editor-in-Chief of the Washington Examiner, has called out President Joe Biden to show “good faith” on the Debt Ceiling. Gurdon highlighted the negative implications of default and continued overspending that would lead to a disastrous impact on the economy. If the game of chicken between President Biden and House Speaker Kevin McCarthy is allowed to continue leading to default, it would affect macro-level and micro-level. For instance, Social Security, welfare, and food stamp payments may not be available, leading to homelessness and food insecurity for tens of millions of people.
Despite the serious ramifications of default, Biden and Democrats are not taking any measures to prevent it. They are rejecting all negotiations and focusing on winning a short-term political victory by forcing Republican capitulation. On the other hand, Republicans are trying to link the debt ceiling with spending cuts, while Biden insists on raising the debt ceiling without cutting spending. If McCarthy fails to negotiate with Democrats, there is a chance that Biden will backtrack from his promise to cut spending.
Biden’s actions suggest that he is willing to cut some spending, but why won’t he do that when the nation’s fiscal credibility is hanging by a thread? Instead, he offers only dubious promises and refuses to demonstrate good faith. Biden seems to be gambling that he can take everything he wants without giving up anything. He is making a hollow promise to negotiate seriously later as long as he gets everything he demands now.
Biden needs to demonstrate good faith on the debt ceiling | Washington Examiner https://t.co/xXjR5xQaG8
— Cassis (@cassisnouveau) May 10, 2023
It’s time for someone to swerve off the road before the whole country does. It’s unlikely that McCarthy would let the nation default on its debt if Biden doesn’t budge. Default could happen any time between June and September, and the President should take prompt action to avert this danger. It’s high time for Biden and Democrats to demonstrate good faith and negotiate with Republicans to avert an impending catastrophe.
Source: Conservative Institute