White House: McCarthy’s debt limit hostage-taking could have ‘extreme’ consequences

Gene Sperling, a senior advisor to President Biden and former director of the National Economic Council, joins MSNBC’s Ali Velshi to discuss the danger of Kevin McCarthy’s “default brinkmanship,” as the Republican leader attempts to negotiate around a debt limit increase despite the severe economic consequences of a default.

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#msnbc #biden #mccarthy

[acordia]

Debt ceiling was raised 3 times during djt's term with no issues at all. But now republiCons have a big problem with doing it again?

[lombardo]

The debt limit is totally different from the budget. You can cut future spending, but current spending has to be funded by debt. That is how countries run. The US is the world reserve currency, it will always owe money to bond holders. It can't always print money to fund its operations that is why it sells bonds to get money to operate the government. The money they need has already been accounted for. Politicians know most Americans don’t understand this and are playing us for votes. Please don’t fall for this and just understand. 🤦‍♂️

[Johnk]

Nothing new here, no negotiation with hostage takers, even if it is the speaker of the house.

[ndi]

Anything that hurts Americans and risk there safety should not be up for debate. PERIOD!!

[nicholasgallanis]

Every single rich person or company became rich by increasing their income, not by reducing spending to the point of living in poverty.

Tax the rich to increase America's income to balance the budget, solve the problem just like the rich do!

[myberney]

Future Spending is a budget issue. GOP has to pay for its PAST SPENDING.

[ryanreedgibson]

Don't take the bait. McCarthy is on thin ice and weak. Our credit rating is tied to our willingness to repay. By playing politics with it hurts everyone.

[mikepop]

I loathe McCarthy the. associated emotion would be vomiting

[nzdwfvs]

There's always got to be some kind of drama with the republiCON party. Always whining, crying, begging, lying, cheating and threatening this or that. 😭😭😭

[railrodemike]

If this country defaults on its obligations. This will be the end of the Republican party in this country.

[dirtbeard]

all Americans have had to budget more because of inflation. It would not hurt government to do the same.

[jasoncrandall]

This country in about 20 years has done 2 tax cuts that were never paid for.
Even the CBO came out & stated that even if you cut all non Mandatory spending and have no tax increases you cannot balance the budget within 10 years. If you did that this Country will be put into a very big recession at the minimum.

[KaiserBlade]

The President refusing to negotiate with the house speaker is Not the speaker holding anything hostage.

[SkipMullen-kbbv]

No doubt the budget has to be decreased but, it doesn’t seem enough attention to exactly which agencies need to experience a decrease. Anything that has to do with our security should be off limits. The very first thing that needs to be cut is the firing of the senior executive employees. As it stands, they can not be fired and are allowed to give themselves bonuses. They are the prime employees that are responsible for corruption. They know the ends and outs and what they can get by with.

[greenmacaroni]

Cuts should start with Trump’s secret service.

[terrymagee]

This man is crazy every household have limits.

[SteveStowell]

Exactly as expected from MAGA republicans

[sybr]

If you have a toxic marriage to a financial system that is always on the verge of "catastrophic" collapse and catastrophic breakdown. Then you will want a "new marriage" to a better system that is more "stable", equitable to all and sustainable to all.

[catladytammy]

They hide from town meetings. This is another GQP issue.

[MJX-dsrk]

why are we not cutting expenses? government spending… why do we have so many politicians that get paid from taxpayers money???!!! its mind blowing