Authored by Mike Shedlock via MishTalk.com,
Last week, President Biden reiterated his willingness to negotiate over the budget but not the debt ceiling. It’s a lie…
Willingness to Do Nothing
On May 9, the Washington Post reported White House to Start Budget Talks with GOP as Debt Ceiling Deadline Nears.
The catch was only after a clean debt ceiling passed with no restrictions.
On May 11, Roll Call reported White House meeting delayed amid staff talks on budget, debt
More Red Ink
On May 12, the Associated Press reported More red ink: Congressional budget agency projects bigger deficits as debt talks continue
The National Economic Council Chimes In
On May 14, Lael Brainard, director of the National Economic Council, former Vice-Chair of the Fed chimed in on Face the Nation. Brainard Says Budget Deal Talks Constructive, Bank System Sound.
“The staff is very engaged. I would characterize the engagement as serious, as constructive,” Brainard told CBS’s Face The Nation on Sunday, warning that a default would be “catastrophic” for the economy.
Once again we are told the banking system is sound. Lovely.
And just how engaged is everyone?
The leaders were supposed to meet again Friday but delayed that session to allow talks to play out, and cast that development as a sign of progress, not a setback.
I am pleased to report we are making progress by canceling meetings and cancelling meetings will allow talks to play out.
Dealing With Repeat Liars
The amusing thing is Biden says he recognizes a need to cut the budget.
But one thing we have repeatedly learned is that his words are meaningless. He pledged to be a moderate Democrat, he pledged to be a consensus builder, he pledged to not carry on the divisive tactics of President Trump.
And just ask Joe Biden what happened to his energy agreement once he signed off on the absurdly-named Inflation Reduction Act.
In an op-ed to the Wall Street Journal, Joe Manchin says he was betrayed by President Biden.
On March 29, I commented Senator Joe Manchin Feels Betrayed by President Biden, Told Ya So Joe
Just Not Now
After Biden modified the IRA rules by executive order, I noted The Inflation Reduction Act Price Jumps From $385 Billion to Over $1 Trillion
One of Senator Manchin’s main concerns was the cost of the program. That cost went up over 2.5 times and Manchin did not even get what was pledged on pipelines.
So when president Biden says he is willing to negotiate on debt but only after the ceiling is raised, rest assured it’s a lie.
There is still no plan on the table, but meetings are supposed to resume this week. Hmm, what happened to the idea we were making progress by cancelling meetings?
McCarthy’s Key Demands
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Claw back unspent Covid-19 funds.
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Impose tougher work requirements for recipients of food stamps and other government aid.
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Halt Biden’s plans to forgive up to $20,000 in student loans.
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End many of the landmark renewable energy tax breaks Biden signed into law last year. It would tack on a sweeping Republican bill to boost oil, gas and coal production.
The first three points should not be the least bit controversial. Point 3 will happen via the Supreme Court, anyway.
I have been arguing for tougher rules on government aid for a long time.
Limit Save Grow Act
The CBO estimates a 10-year savings of $4.8 trillion. It would be higher if the IRS enforcement portion is removed.
But supposedly there is nothing to negotiate.
Hello President Biden, the Ball Is In Your Court
On May 8, I commented Hello President Biden, the Ball Is In Your Court
The debt ceiling clock is ticking away. But the onus is now on Democrats to so something.
In retrospect, I stand corrected. President Biden took the ball and left the stadium.
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Tyler Durden
Mon, 05/15/2023 – 11:45
