The Biden team gave Republicans victory on political talking points, but they wanted to win on substance. Read more at straitstimes.com.
A small team of Biden administration officials had spent the past two days in intense negotiations with House Republicans in an attempt toMs Young, the White House budget director, had been trading proposals on federal spending caps with negotiators deputised by Speaker Kevin McCarthy, whose Republican caucus was refusing to raise the nation’s US$31.4 trillion borrowing limit without deep cuts.
On Saturday, that strategy reached its conclusion as Mr Biden signed the Fiscal Responsibility Act of 2023 into law, just days before a potential default and following weeks of talks and a revolt from right-wing lawmakers in the House that put an agreement at risk of collapse. Much of the US$30 billion in clawed-back Covid-19 money was probably never going to be spent, Biden officials say, including dollars from an aviation manufacturing jobs programme that had basically ended.
Some Democrats and progressive groups have sharply criticised Mr Biden for negotiating over the debt limit at all, denouncing the spending cuts and work requirements and saying he cemented Republicans’ ability to ransom the borrowing limit whenever a Democrat occupies the White House. Mr Zients referred to that vote share in an interview on Friday. “If you go back a few months ago, no one would have thought this was possible,” he said.
Mr Biden’s economic advisers – including Lael Brainard, the director of the National Economic Council, and Treasury Secretary Janet Yellen – had been warning of catastrophic damage to the economy if the government could no longer pay its bills on time. Mr McCarthy’s negotiators gave Biden officials the impression that to reach agreement, they needed at least one talking point from every major aspect of the House Republican debt limit bill.The talks took a few surprising turns. Multiple White House officials say the Republican team briefly entertained relatively modest proposals to raise tax revenue, including closing loopholes that benefit some real estate owners and people who trade cryptocurrency. Those discussions stalled quickly.
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