The hullabaloo about the debt ceiling crisis continues, and Republican lawmakers seem dead set on upping the ante as they walked out of the discussion Friday morning only to join back in the evening.
President Joe Biden, Treasury Secretary Janet Yellen, along with financial analysts have warned of severe consequences if a debt deal is not reached.
Former Treasury Secretary Larry Summers has also chimed in on the matter in an interview with CNN, referring to the temporary pause in talks as “a kind of posturing.”
“There is always posturing in these talks and walking out … is a kind of posturing,” he said.
For both sides of the aisle, there appears to be a need from each side to feel like they negotiated as hard as they possibly could, and for House Speaker Kevin McCarthy (R-Calif), it is all the more important, Summers said.
More so, he said, given that there are “fanatics” in some parts of the caucus.
“So, walking out of the talks at least once as leverage and bluster is probably part of the playbook,” he said.
Summers also argued that Biden invoking the 14th Amendment, which allows the country to keep paying off debts without Congressional approval, is not a viable solution.
“The very substantial majority of legal opinion is that this would be a highly problematic course,” the former treasury secretary opined.
People would also know that it would be open to challenge in the courts, he added.
“I think under those circumstances, everything about the finances of the United States would come under a cloud. So, I think that would not be the right tactic,” Summers said, noting that the debt ceiling impasse should be worked through a normal process.
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Readers Bureau, Contributor
Edited by Jesus Chan
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