Time for Biden to pick up the phone on debt ceiling
Barack Obama once said that “elections have consequences.” President Joe Biden would be wise to recognize the wisdom of his old boss’s observation.
Democrats lost control of the House last year. Republicans now have a 222-213 majority. But Mr. Biden prefers to pretend that Nancy Pelosi still wields the gavel. He’ll eventually have to face reality. Last week, the lower chamber narrowly passed a GOP measure to raise the debt ceiling by $1.5 trillion. But it’s not a stand-alone bill. House Speaker Kevin McCarthy and members of his caucus seek to use the legislation to impose a modicum of fiscal restraint on Congress. Thus the proposal also would, among other things, cut discretionary spending to fiscal 2022 levels and impose a 1 percent annual growth cap over the next decade.
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Those are worthy proposals.
Mr. Biden has responded petulantly, insisting he won’t negotiate over the debt ceiling or let Republicans hold the issue “hostage” to other concerns. But spending and debt are entwined. And what sense does it make to sign off on a higher debt ceiling without at least discussing the nation’s unsustainable fiscal trajectory? What’s that they say about the definition of insanity?
In fact, House Republicans hold some cards. They have passed legislation addressing the debt ceiling, something the Democratic-controlled Senate has yet to do. If Mr. Biden remains intransigent, he’ll have a hard time convincing independent voters that it’s all the GOP’s fault while risking further erosion of the economy as he seeks re-election.
In addition, several influential groups, including the U.S. Chamber of Commerce and the Business Roundtable, have applauded the House bill and are urging the president to negotiate. It’s not clear, The New York Times reported, “that Biden will be able to maintain his current posture toward McCarthy indefinitely.” The paper goes on to say that “some administration officials privately suggest” that a compromise may be possible and that Mr. Biden will wake up to the realization that he has little choice.
“White House officials concede,” the Times report notes, “that Biden will have to convene negotiations with congressional leaders over taxes, spending and debt before the government runs out of money to pay its bills.”
The debt ceiling debate has become a tiresome ritual every few years on Capital Hill. In fact, it’s not at all clear that the government would ever really “default” on its obligations when it can just ramp up the printing presses. But is that prudent policy? It’s long past time that responsible members of both parties engaged with each other on a road map that directs this nation off the fiscal cliff. To the extent that the House bill prompts a conversation, it should be considered a success. Mr. Biden should pick up the phone.
— Las Vegas Review-Journal
