Biden, McCarthy Vie for Leverage as Debt Ceiling Clock Ticks
May 7, 2023
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0:29Now PlayingBiden, McCarthy Vie for Leverage as Debt Ceiling Clock Ticks
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as posted by the channelWe’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.
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