Meanwhile, back in DC the debt limit talks have broken down so we are right back where we started.
The Rs have passed an increase in the debt limit.
The Ds have not.
If the Ds don't get their act together and pass an increase to the debt limit soon, then the US will default.
It's a little bit hard to know exactly when the debt limit needs to be raised by, since Janet Yellen ---Biden's Sec. of the Treasury --- has turned out to be totally incompetent. After telling everyone that the Debt limit would have to be raised by August Yellen suddenly admitted she had made a 250 BILLION (!) DOLLAR MATH ERROR, and the debt was going to be reached by June.
And now Janet Yellen is apparently admitting she made another little teeny tiny math error, this time only 50 billion dollars or so, because the debt limit seems to happening in the next week or so.
So we've got to fix the debt limit problem almost immediately......
But Joe Biden is out mumbling and getting lost and falling down stairs in Japan, the Senate Ds are about to take a week off for a vacation, and Biden's White House staffers who supposedly were going to to negotiate with the Rs won't actually negotiate anything.
Given Joe Biden's failure to negotiate for months, followed by the Ds failure to pass their own debt limit bill, followed by the failure of the White House team of negotiators to actually negotiate, I'm growing pessimistic that we will see a debt limit bill passed anytime soon. The Biden administration and the Ds are just too chaotic to negotiate....too chaotic to pass a bill through the Senate.....just too chaotic to get the job done. We saw this from the earliest days of the Biden administration when they bungled the transition in Afghanistan pullout then cut and ran, leaving a thousand Americans behind and tens of billions of dollars of US military equipment for the Taliban. We saw more Biden chaos in the lies about inflation being transitory, when it clearly wasn't. We see it in the banking crisis. We see Biden chaos at the southern border. We see Biden chaos in the huge increase in payments needed to service the US Federal debt. We see Biden chaos in his staff hiring and terrible appointees (trans airport luggage thieves?? ReallY??) And now we're seeing utter incompetence and chaos agin in the run up to the debt limit.
I'm growing pessimistic that we will see a debt limit bill. The Biden administration is in chaos again, as per usual.....Cheers!