A calm beneath the fear of debt default

Source: Christian Science Monitor
by staff

“The current political standoff in Washington over raising the U.S. debt ceiling is really a debate over the federal government’s spending priorities. Yet look deeper, and one can spot a consensus around the core tenet of self-governance. Take, for example, the White House meeting Tuesday between President Joe Biden and senior lawmakers. Yes, it ended without a plan for Congress to raise the limit on how much the U.S. Treasury can borrow. But both sides outlined the contours of an eventual agreement, reinforcing a virtue of the nation’s founders that good can reinforce good. ‘There are probably some places we can agree, some places we can compromise,’ Senate Majority Leader Chuck Schumer, a Democrat, said after the meeting. His counterpart, Senate Minority Leader Mitch McConnell, offered a similar assurance.” (05/10/23)