the united states has an utterly bizarre system where the u.s. congress votes on budgets and then separately has to authorize paying the bills incurred by those budgets. that is what leads the country to the debt ceiling crises that happened constantly. and a crisis is brewing right now. house republicans don t want to pay the bills until president biden agrees to spending cuts even though these are budgets that were set by both parties. joining me again is former treasury secretary larry summers. everybody decried this and said it is irresponsible and unmanageable that we won t pay our bills. but here we are again. if you were advising president biden, what would you tell him to do? i would advise him that it is not a viable strategy for the country to default on obligations, whether it is interest obligations or obligations to pay contractors
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what conclusion do you draw? i m surprised by that also, fareed. in part it is that the russians have over the years been isolating themselves from the global economy. it is in part that the sanctions have been more leaky and porous than they should have been because of exceptions granted to commercial interests in the west. it is in part because of what i think is perhaps the ultimate issue, while the united states and europe are together and super strongly unified, and you and i and most others that we talked to every day, see this conflict in very clear terms. the rest of the world places where billions of people live like india for example, don t see this as clearly as we do. and that points up the
to the debt ceiling crisis that happened constantly. and a crisis is brewing right now. house republicans don t want to pay the bills until president biden agrees to spending cuts even though these are budgets that were set by both parties. joining me again is former treasury secretary larry summers. everybody de cried this and said it is unresponsible and unmanageable that we won t pay our bills. but here we are again. if you were advising president biden, what would you tell him to do? i would advise him that it is not a viable strategy for the country to default on obligations, whether it is interest rate obligations or obligations to pay contractors or to pay federal workers or obligations to pay social security benefits. that is the stuff of banana