Bloomberg News
@Bloomberg-News·2.8M subscribers·40.1K videos
Biden, McCarthy Vie for Leverage as Debt Ceiling Clock Ticks
Posted
May 7, 2023
Views
731
Likes
14
Comments
8
Engagement
3.01%
May 7, 2023
731
14
8
3.01%
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
0:29Now PlayingWe’re still whistling past the debt ceiling graveyard in Washington as the clock ticks down.
President Joe Biden and House Speaker Kevin McCarthy are locked in a staredown. Heading into their Tuesday meeting with other congressional leaders, the two sides right now are just jockeying for leverage.
That has already roiled markets. Bloomberg colleague Alex Harris has tracked how yields soared this week on T-bills for early June after Janet Yellen warned that the Treasury could run out of funds as soon as June 1.
Biden can find an advantage a few ways. He could threaten to go around McCarthy with unconventional, legally shaky moves like invoking the 14th Amendment to kill the limit or minting a $1 trillion platinum coin. Both ideas have been kicking around for years.
He could also get a break if a small band of moderate House Republicans back a Democratic scheme to force a vote on a clean debt ceiling bill. Nobody is raising a hand yet.
Fed Chair Jerome Powell repeated today that no one should expect the central bank can shield the economy from the fallout if the debt limit is breached.
--------
Subscribe to our YouTube channel
Subscribe to Bloomberg Originals
Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
Connect with us on…
Breaking News on YouTube
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
