In 2011, after faltering debt limit negotiations with House Republicans brought the U.S. to the brink of economic calamity, then-President Obama and then-VP Biden made a vow: Never again.
. Stocks took a hit. And the recovery from the Great Recession was in question. Democrats averted the cliff — by acceding to $2 trillion in spending cuts the GOP had demanded after negotiations on a “grand bargain” broke down — but Obama and Biden agreed that the mere threat of default had taken a serious toll.“They said: This is the sad lesson we’ve learned,” the Obama official said, describing the mood in the room. “It was an unimaginable self-inflicted wound in 2011.
His stance has drawn a rebuke from House Speaker Kevin McCarthy, who said he’s “disappointed” but has remained steadfast in his call for spending cuts. As in 2011, the GOP speaker runs a House majority full of ideologically-driven conservatives who want to use the debt limit as leverage to force budget changes on a Democratic-led Senate and White House.
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