by Julia Rock, Jacobin
In the debt ceiling standoff, Republicans are holding the global economy hostage, demanding a ransom payment that consists of gutting the US social safety net, rapid approval of fossil fuel projects, cuts to education and national park budgets, and more.
Their strategy appears to be working. On Saturday night, House Speaker Kevin McCarthy (R-CA) announced he and Biden had reached a tentative “agreement in principle” to raise the debt ceiling that includes new work requirements on social programs and cuts to the federal budget. Lawmakers are expected to vote on the agreement this upcoming Wednesday.
President Joe Biden, a famously bad negotiator who has pushed for cuts to social programs in the past, has negotiated with the hostage takers. Lawmakers in his own party are reportedly “anxious” that the president has been ignoring the old adage about negotiating with terrorists. In other words, the current standoff over the debt ceiling looks like the Washington Generals (Democrats) deliberately getting pantsed and preparing to lose to the Harlem Globetrotters (Republicans).
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