that they don t want to default. they want to avoid that, but they don t agree on how to do it. mccarthy wants to hold it at hostage in return for massive cuts on discretionary programs meaning basically everything but social security and medicare which along with defense, make up the clear bulk of the budget while president biden has been adamant that no cuts are on the table. none. so what are these guys going to talk about? and how will mitch mcconnell, chuck schumer and hakeem jefferies factor in? they will also be at that may 9th meeting. does it end an agreement to disagree until this fall? in other words, a short-term deal to avoid collapse? because that is what economists are worried about, a default that will send the markets into a freefall, add rocket fuel to inflation, slash millions of jobs, cut off social security payments and veterans benefits and drag the u.s. economy into an ugly and potentially prolonged recession. no one wants that. joining me now is nbc n
thing that congress does and indeed, the speaker himself voted three times during the prior administration to raise the debt limit without any conditions. that has been the president s focus. it s what he s been asking congress to do. it is their constitutional responsibility to make this happen. i hear that, how serious are the conversations about using the 14th amendment? well, certainly, people here are getting up each and every day very concerned about the economic implications of not dealing with this potential economic crisis and not lifting the debt ceiling and the president has done his part. he s invited the key actors to the white house next week to have that conversation. the most important thing is that congress does their part and passes a bill. so are you going to be negotiating with speaker mccarthy? is there a compromise to be found or is it the position of president biden that there is no negotiation here going to stand on may 9th? well, the president has been
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presence? in the past, leader mcconnell has had a role in diffusing these situations. i think he is a more sensible voice in the room than the maga extremists that are driving speaker mccarthy, and i think that senators on his side don t want to flirt with a default and the catastrophe that ensues, so i think they ll react more readily through the threats and the tremors as the economy begins to shake. is there anything worth negotiating on? speaker mccarthy wants to cut this discretionary spending. is there a room in non-discretionary spending of the defense budget. is there room to cut on defense in a meaningful way in order to get the debt limit down? there are lots of ways to address spending issues and revenue issues and move our way