Failure. Were talking 2008 level recession or worse. Seriously. And that calamity is being teed up by Multi Millionaire and corporate backed kentucky senator Mitch Mcconnell who today did something unusual for him in this game. He folded offering democrats a deal to raise the debt ceiling, but there is a catch. Per mcconnell, democrats can only do it until december and only if they agree to use reconciliation to pay for it beyond december. Earlier today President Biden surrounded by Business Leaders assembled to put pressure on mcconnell said this. Let me be clear. Raising the debt limit is paying our old debts. It has nothing to do with new spending or what may becoming this year or other years. It has nothing to do with my plans on infrastructure or Building Back better, both of which are paid for but not even in the queue right now. It doesnt have to be this way. My republican friends need to stop playing Russian Roulette with the economy. If they dont want to do the job, get out of
Thats been the republican line. Now, an actual default would not only hurt President Biden it would rattle wall street and risk spreading broader turmoil in the u. S. Economy during a sensitive time in this recovery that were all living through. And i mention that because that may be why all the pressure just started really getting to Republican Leaders like Mitch Mcconnell. He is making news tonight as the first to apparently blink in this standoff. Im going to show you exactly whats happening and some of the clues as to why. The context is republicans had said that democrats would have to tackle the debt all on their own or face this potentially cataclysmic default. Tonight, mcconnell backing down partly saying he will at least delay all of this until december. Mcconnell, of course, brags that hes the grim reaper, but apparently he thought about this and thought better of killing the u. S. Credit rating, and move came pretty quickly today. The times reporting it shows mcconnell bowin
Moderating an event with the noble prize winning economists and new york times writer and author paul this sunday october 17th. getting going around 7:00 p.m. and you can see the link on the screen if you want to join us in new york to learn more. go to the link in new york and you can meet me and paul as we talk about the future of the u.s. economy. i ll tell you rachel maddow is back with bernie sanders so keep it locked for that tonight and keep it locked now because the reidout with joy reid starts now. how are you doing? excited. very chill, very chill. we ll all be watching. have fun in new york city. good evening, everyone. happy wednesday. it s midweek. not the time of the week one would normally spend gambling, we hope and yet, we begin the reidout with a giant game of poker we re watching play out in realtime with very heavy stakes. there are now 12 days until the u.s. economy faces catastrophic