House Republicans insist that any move to raise the debt ceiling, which was partially breached this week, must come alongside cuts in spending. In doing so, House Speaker Kevin McCarthy, R-Calif., has embraced the far right’s demand for fiscal brinksmanship that could potentially see the U.S. default on its debts.
All of this poses a political threat to McCarthy, who seems likely to be forced to either cave on his demands, accept a proposed off-ramp like the fiscal commission Sen. Joe Manchin, D-W.Va., has suggested, or be responsible for a global financial crisis. But before we even get to that point, McCarthy has a bigger problem: math.
It’s unclear that any combo of cuts that would substantially reduce the federal deficit could even pass muster inside the GOP caucus.
At this point, the speaker has yet to specify what needs to be cut from the federal budget in order to satisfy his members. Running through the options he could potentially bring to negotiations with Democrats, it…
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