Navigating the Impending US Debt Crisis: Challenges and Opportunities.
President Biden's aides are frustrated with the nonpartisan Committee for a Responsible Federal Budget's support of House Republicans' bill on the debt ceiling, which they believe encourages reckless brinkmanship. The Republicans are demanding spending cuts in exchange for raising the debt ceiling, while Biden argues that the debt limit must be raised no matter what. The White House had hoped to win the backing of establishment Republicans, the business lobby, and nonpartisan budget hawks to avoid a catastrophic default, but these groups have called for bipartisan budget negotiations, implicitly endorsing McCarthy's position and rejecting Biden's opposition to talks.