...once again threatening a debt-ceiling debacle, President Biden is singing a much harsher tune than his younger self. The very idea of negotiating, he’s insisting, is off the table. Obama’s Council of Economic Advisors that fateful summer...what we learned in 2011, we switched to a new way of approaching the debt limit.” That year’s federal-government credit-rating downgrade, collapse in consumer confidence, and spiking interest rates are front of mind for Biden...Back then, “we saw some upside to negotiation, and considerable upside in a grand bargain,” said Furman, who went on to serve as Obama’s chair of the Council of Economic Advisers and now teaches at Harvard. McCarthy has said he won’t demand cuts to Medicare and Social Security...
Reference: nymag.com