Jonathan Chait: “Imagine a Republican Speaker — any Republican Speaker — figuring out a ransom that almost the entire caucus could agree on. The intraparty dynamics virtually guarantee that anything a Republican leader could agree to would immediately be seen on the far right as too little.”
“All is to say that even if you think Biden ought to negotiate a debt-ceiling-ransom demand, it’s now a practical impossibility. The only way to accomplish the goal is to separate it from policy altogether. The best way to do that would have been for Democrats to lift the debt ceiling when they still had control of Congress. (Their failure to do so could potentially prove to be the decisively catastrophic choice of the last four years.) The best remaining option is for the Treasury to use its Congressionally inscribed authority to mint coins in denominations it chooses.”
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