Senior economic adviser to President Biden Gene Sterling emphasizes the 'economic risk' caused by hitting the debt ceiling and urges Congress act to raise the limit.
RealClear Markets editor John Tamny discusses if Biden and Republicans can reach a debt limit deal on 'Cavuto: Coast to Coast.'
The growing uncertainty over the debt limit comes after Republicans reclaimed the House majority, bringing to an end the one-party control enjoyed by Democrats over the past two years and threatening to revive a game of brinkmanship over raising or suspending the debt limit.
House Republicans in particular ran heavily on combating Democrat spending during the 2022 midterms. With Rep. Kevin McCarthy, R-Calif., now leading the House Republican majority, Republicans could push for spending cuts to the federal budget before helping to raise the debt ceiling.
"Fight, go into negotiations, make your case to the American people. That's democracy. But to threaten economic catastrophe - nobody, Democrat or Republican, should do that, no matter how much they believe in their agenda," he affirmed.
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