However, fears are mounting that Biden could be forced to strike a deal-like then-President Barack Obama did in 2011-to prevent the first-ever default in U.S. Keeping that promise means raising the debt ceiling this year so Republicans can't force cuts next year.” - Social Security Works Security Works)īiden vowed last week that 'under no circumstances' will he go along with GOP attempts to cut the social safety net programs, saying: 'That's not on the table. “Republicans aren't hiding their plans to use the debt ceiling as a hostage to force Social Security and Medicare cuts. Democrats ran on a promise to protect Social Security. That doesn't magically create the votes to get the debt limit done.' When asked Tuesday about the possibility of increasing the ceiling during the lame-duck session, McConnell said, 'I don't think the debt limit issue is until sometime next year.'Īccording to Politico, President Joe Biden's administration has all but given up on making a deal this year, with one senior official saying: 'We'd love to do the debt limit. However, if McConnell holds out, it sets up his party for a fight in 2023. “Anytime you start to feel like the government is good hands, or the people in charge know what they’re doing, or politics is some kind masterly fencing duel between experts, or we shouldn’t put Joe Manchin on a boat to the outer Pacific, just read about the debt ceiling again” - Will Stancil Stancil)ĭurbin told Bloomberg that Senate Majority Leader Chuck Schumer (D-N.Y.) 'is continuing to negotiate' with Senate Minority Leader Mitch McConnell (R-Ky.)-who was reelected to his position Wednesday-in hopes of reaching a debt limit agreement this year.

Lame duck crash