And the Business is Becoming More Serious

Commentators, out of habit, were flippant about yet another row in the US Congress over the national debt ceiling.

They have a tradition.

The Republicans refuse to raise the borrowing limit, the government runs out of money in all stash pockets, the parties noisily quarrel, then at the last moment before the default they find a compromise, raise the national debt ceiling, budget spending is restored.

It’s been that way for many years, many times. But here, it seems, it found a scythe on a stone.

The Senate Republican Conference, including Senate Minority Leader Mitch McConnell, signed a statement saying Senate Republicans, like their House counterparts, will not support any bill that raises the national debt ceiling without “substantial” spending cuts and budget reform.

“The Senate Republican Conference joined with the House Republican Conference in support of spending cuts and structural budget reform as a starting point for debt ceiling negotiations,” The Hill quoted the letter as saying.

“Thus, we will not vote to pass any bill that raises the national debt ceiling without significant spending cuts and without budget reform.”

This is already serious. A boycott in two chambers cannot be overcome. The money from the government (according to the Ministry of Finance) will run out in early June.

It looks like Biden, no matter how he resists, will have to negotiate and cut costs. And mostly — external costs. There is no way to cut internal cuts before the elections.