the country defaults and becomes insolvent. democrats continue to play politics. this has been an optics game, a way to grandstand, to fund ra raise, mccarthy tried to hammer out a deal months ago and avoid the drama like at a adult. the federal government has become more dysfunctional than ever under joe biden. another sideshow, the default crisis, which is what this will be, he could have supported the house budget and still can. that will not happen. the bureaucrats calling the shots will never sign a bill that will cut the budget. that is not going to happen, especially one that eliminates the new 87,000 irs agents we do not need.
congress yesterday outlining some of the possible consequences if the country defaults. she wrote in part this. the congress fails to increase the debt limit, it would cause severe hardship to american families, harm our global leadership position, and raise questions about our ability to defend our national security interests. . joining us now to talk about it former congressman max rose, a democrat from new york. max, thanks for being here this morning on set. so let s talk about just start with your analysis of where things stand. you had some positive vibes from the meeting between biden and mccarthy yesterday but no deal brokeredch we know their staffs met again late into the night last night. the only positive thing occurring right now is they re talking. they re certainly not moving from their respective positions, and these positions are very far apart. you had the republicans calling for a reduction in disasianary spending down to 2022 levels while also around for an incre
is a manufactured crisis. since 1960, we have raised the debt ceiling over 90 times. under democrats and republicans. with little debate and little controversy. we did it three times during the trump years. so why now? what is the magic of now that we are coming to this crisis? it could send us over a cliff. the problem is that the republicans want to conflate apples and oranges. debt and budget. the democrats want to separate those two things because they are separate. and so there in lies, who will be the adult in the room? who is going to save us from ourselves, that is the question. and if this country defaults on its national debt, because u.s. politicians essentially failed to do their job, which americans will be hit hardest do you think? well, we have never failed to pay the debt and so this is unknown territory. we do know that there will be
summit in japan, president biden called parts of their plan unacceptable. jessica levinson is a professor of law at loyola law school and host to the passing judgment podcast, she joins me now from los angeles. great to have you with us. it is good to be back. president biden returned from the g7 summit with the debt ceiling looming, he will meet with house speaker mccarthy in the coming hours in an effort to make a deal before the country defaults on the national debt and plunges his country into an economic crisis on june 1st, so how likely is it that they can make a deal and get it through congress with that very tight timeframe? i still think it is likely, and there is nothing motivational like a timeline that is very real. and i think it is not an overstatement to say that there would be an economic catastrophe if we default on our debt, it will be hugely
have less of the solid grounding with which to withstand or be resilient in the face of these shocks. higher interest rates. more difficult to get the wealth-building assets. even if things were to normalize, we re thinking that a recovery for the communities will be slower, as well. federal workers, consumers, minority groups, all impacted by a default on the country s debt. why do you think politicians appear to be blind to this and willing to toy with the future of the vulnerable americans, who right now are struggling. if this country defaults will be plunged into dire circumstances.