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The game of chicken has begun! Who will blink first? Yesterday President Biden sat down with Speaker McCarthy and other Congressional leaders in theory to negotiate raising the debt ceiling.
But not surprisingly, there was no negotiation. Rightly or wrongly, Democrats believe that if stalemate continues and the Government has to shut down, We The People (a) won't like it and (b) will blame Republicans for it.
House Republicans made a big deal out of their vote to increase the debt ceiling. The Iowa delegation was at the center of it as the four of them locked up to get concessions out of Speaker McCarthy. They talked until the small hours and then declared a victory over ethanol.
I told you at the time it was meaningless. Now Democrats are saying the debt ceiling needs to be raised. Straight vote. No conditions. Yesterday, Biden said he is looking at the 14th Amendment so he can do it without Congress. Most think he would lose in court and that its not a viable option, but it does play into the "we tried everything, but Republicans refused" narrative.
We have seen this play out before. I suspect the end result will be a straight raising of the debt ceiling with no spending cuts AND a joint committee to "look at" how we get the deficit reduced.
For that to happen, Republicans will have to vote for a so-called "clean" debt ceiling increase. Will they?
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