Economics/Class Relations

Deb Ceiling Crisis EXPLAINED

May 25, 2023

Are Biden and McCarthy about to reach a deal on the debt ceiling? If so, they’re coming in just under the wire — next week, June 1, the government could run out of money for essential spending, so negotiations have reached a fever pitch. While the deal won’t lock down dollar amounts for specific spending areas, it will dictate how much can be spent on the military, housing, education, and more. The decision (or lack thereof) will have a huge impact on American life — and we want to know how. That’s why we’ve brought reporter and editor David Dayen to KK&F for an exclusive conversation. Watch below:

With David, we dig into the political scene unfolding in the debt ceiling negotiations, from key figures (Biden and McCarthy) to what’s on the docket for spending cuts thanks to Republican austerity — and no thanks to Democrats’ negotiating prowess. Republicans have made it clear that the debt ceiling itself is their concession — they’re doing all they can to set the terms of this parley. Is Biden, hailed by centrist Democrats during his campaign as the great negotiator capable of reaching across the aisle in a way his further-left counterparts could not, actually living up to that promise? Or are we seeing the Democrats giving in and playing by Republicans’ rules of the game?

On their side, Republicans want to see childless, able-bodied Medicaid recipients slapped with work requirements to get healthcare coverage, to raise the retirement age for SNAP, and a lower baseline federal budget for 2024. If implemented, these changes would significantly worsen working-class Americans’ quality of life — so how are Democrats fighting back? We answer all these questions and more on this week’s episode. You can listen to this conversation on Spotify, Apple Podcasts, Pandora, and more when it’s released tomorrow. Thanks for tuning in.

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