Before the meeting between the four top congressional leaders and President Joe Biden next week, negotiations over the debt limit seem to be in a state of limbo.
A GOP package that would lift the debt ceiling in exchange for spending cuts is the target of increased attacks from certain members despite the momentary stoppage in proceedings.
Members of the Senate Budget Committee argued during a hearing on Thursday morning about why a deal to avoid a default hasn’t been reached and how party leaders are allegedly using the debt limit crisis as leverage.
Debt Crisis Used As Political Props
This exchange provided a preview of the kind of political gamesmanship that will probably take place in the coming weeks.
This is not the first time the debt ceiling and the possibility of a national default have been used as political props.
According to Brian Riedl, a senior scholar at the conservative Manhattan Institute and one of the panel’s witnesses, it is reasonable to draw the conclusion that neither side has the debt ceiling increases completely under control.
Mark Zandi, chief economist of Moody’s Analytics and one of the witnesses, told lawmakers that there is a chance that the Treasury Department will run out of money to pay the government’s bills in as little as four weeks, which makes the debt limit standoff between Republicans and the White House inopportune.
Read more: Debt Limit Debate: Political Finger Pointing Escalates Ahead Of White House Meeting
American People Expect to be Cooperative
In the meantime, each side is criticizing the other for being hypocritical or risking the nation’s resources.
At the hearing, Republican senator from Utah Mitt Romney said, “This committee ought to be embarrassed.”
Instead of convening hearings that are about preening, posturing, politicizing, and trying to place blame on the opposing party, the American people expect us to cooperate across party lines to confront the difficulties that America faces.