Two House Democrats, Rep. Jared Golden (D-ME) and Rep. Jared Moskowitz (DFL), are calling on President Joe Biden to negotiate with Speaker Kevin McCarthy regarding the debt ceiling after a GOP-led bill passed in the House last week. The first-term congressman, Golden, emphasized that it is crucial for the president to sit down and discuss a compromise on raising the cap now that Republicans have successfully pushed through their legislation.
"President Biden needs to engage in dialogue with Speaker McCarthy about finding common ground on raising the debt ceiling," stated Golden. "The Republicans have demonstrated their willingness by passing a bill; it's time for both parties to come together and resolve this pressing issue."
In addition, Sen. Joe Manchin (D-WV) and Sen. John D-WV have encouraged President Biden to meet with McCarthy after they supported passing legislation aimed at lifting the debt ceiling through early next year.
David Bahnsen, chief investment officer at The Bahamasen Group, discussed Speaker Kevin McCarthy's recent success in getting debt ceiling legislation approved by the House of Representatives. He said that as a result of this accomplishment, President Biden will likely be pressured into negotiating terms with Republicans.
Bahnsen praised McCarthy for managing to pass legislation "with a much tighter House than former Speaker John Boehner." However, he also criticized current economic conditions under President Biden's administration as being close to recession territory amid an ongoing quarter characterized by low growth rates.
"The Federal Reserve has kept interest rates excessively low for too long," argued Bahnsen, who added that banks are struggling due to high levels of liquidity from maintaining large deposits alongside drastic increases in interest rates imposed by central authorities.
As lawmakers continue debating over how best to address America's growing national debt concern while avoiding adverse consequences such as default or further economic downturns both domestically and abroad—it appears increasingly likely that negotiations between President Biden and Speaker McCarthy will be necessary to find a bipartisan solution.