Yes, it's time to talk about the debt ceiling again

A little over a decade ago, the GOP-led House of Representatives played a game of chicken with the Obama Administration, nearly plunging us all into a global depression, and briefly leading to a downgrade in our nation's credit rating. Sometime between this summer and early next year, depending on how things go, we may see a repeat performance. Vox is reviving its explainer on what the Biden Administration can do to prevent disaster. It will look eerily similar to the options Obama had available. As the Vox article notes, Obama eventually gave in somewhat to what the Tea Party faction of the GOP Caucus insisted on in exchange for a debt ceiling increase. Perhaps Biden will draw the same conclusion. Then again, Biden has presided quite differently from Obama, so it's possible we'll see more of a real fight this time around. 

So much comes down to how many in the GOP Caucus are willing to work with the Democratic minority (it would only take a handful, given the very narrow GOP majority), and how far Biden is willing to go to deal with the debt ceiling and maintain social programs that are not only important in terms of his Presidency, but also the well-being of ordinary Americans. The compromises Obama made were understandable, but they did, as the Vox article notes, cut into a lot of programs, in the process hurting folks who might have otherwise been helped. There's no way to make any predictions, especially right now. But this is one of many budget-related battles we'll be dealing with as Speaker McCarthy tries to hold together a very splintered and chaotic GOP caucus.

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