would be it would be the precedent that will be letting them go into default. in the past there have been conditions attached to it debt ceiling increases, including during negotiations during the obama administration, and therefore it is reasonable to use this as a tactic to gain commitments for spending restraint that they haven t had before. of course, they didn t do that during president trump s tenure, they only do that when democrats were in charge. but you re, right it s a real gamble, and the question is whether or not people are willing to go over that cliff. in the past, you have seen washington back off of that when it gets close, because they do recognize or at least the past have recognized that they re unknown and potentially disastrous consequences economically to that. it s not a clear this time whether people across the board are as afraid as they have been in the past, it may be that more people on the republican side who are willing to let the country head over that
valley in new york on wednesday, to a district that is fresh republican and try to apply pressure here. so there is this outside gain and this inside again, and it s all happening really quickly, for a few weeks to try to figure. so but here s the thing with that outside game, peter, you ve got a lawmakers who aren t necessarily listening to their constituents. they are prepared to possibly let us go into default, because by their calculation, it would be worse for president biden that it will then. well, i think their argument would be it would be the precedent that will be letting them go into default. in the past there have been conditions attached to it debt ceiling increases, including during negotiations during the obama administration, and therefore it is reasonable to use this as a tactic to gain commitments for spending restraint that they haven t had before. of course, they didn t do that during president trump s tenure, they only do that when democrats were in charge.
member of the homeland security budget and finance committees. great to have you in focus. first of all, what needs to happen at this meeting with the president of the united states? what should happen, as you mentioned, the house passed a more than reasonable package of spending restraint. the pro-growth elements. and also increase the debt ceiling to avert a fake crisis. no way with responsible treasury secretary and responsible president we would ever default. this is a phony crisis but that s what happens in washington. they should pass the house bill. it could be over and we could start responsibly passing appropriation bills. restore some function to congress. but again this place is so unbelievably dysfunctional and the mainstream media continues to prop up the biden administration and talking about it turning into a crisis. it doesn t have to be so.
now it seems to me you look at the congress and say it s up to the senate. you don t hear anybody in the senate moving to act on the debt limit. and i think that s because senate democrats can t pass an extension of the debt limit without the kind of spending restraint that the republicans want. they don t have the votes to do it. so they are ramping up the rhetoric on oh what a terrible thing it would be and the economy would collapse and social security would stop and all the rest of it to try to renew the momentum they thought they once h but they have lost it. i don t see how talking about it like this gets it back. bret: you think the leverage is all with the house republicans now? well, they have acted. if it gets down to it and looks like, you know, we might be in a position where we won t do it, house republicans say well, we did it. and nobody else can say that. so, i think normally republicans get blamed on issues of this kind. almost always. this time i think there is a
paul: president biden is set to host top congressional leaders at the white house next week to discuss the debt ceiling as treasury secretary janet yellen warns that the u.s. could run out of money to pay its bills as early as june 1st. democrats are digging in ahead of tuesday s meeting with majority leader chuck schumer saying the republican plan that passed the house last week has no future in the senate and that his party still won t negotiate on spending restraint. the time to discuss those cuts is not hostage taking with the debt ceiling. that is too dangerous. the time to discuss it is afterwards as we usually do in the budget and appropriations process. paul: kim, so now these are supposed to be this meeting next week, but the contra convictly