Rep. Jared Golden (D-Maine) expressed doubt regarding the effectiveness of the Democrats' discharge petition strategy to force a clean debt ceiling increase, given the GOP's opposition. He was one of three Democrats who abstained from signing the petition when it became available on Wednesday morning.
The petition requires 218 votes to prompt an agreement, which means at least five Republicans would need to sign on. Despite his skepticism, Golden said he is encouraged that President Biden and House Speaker Kevin McCarthy are engaged in negotiations that "seem genuine." Additionally, he urged his fellow Democrats to take budget deficits seriously and consider raising taxes on the rich.
The ongoing US debt ceiling crisis highlights the recklessness and shamelessness of today's Republican party. Although both parties recognize how irresponsible using this vulnerable situation as leverage against each other could be, it has become increasingly difficult for rational-minded individuals to negotiate with extremists.
Democrats are working tirelessly toward finding common ground with their Republican colleagues; however, the proposed GOP solution stands to benefit oil executives and wealthy tax avoiders while leaving many Americans worse off.
As Wall Street remains unshaken during Washington's struggle over its debt ceiling crisis resolution, President Biden continues negotiating with House Speaker McCarthy ahead of X-date—the deadline by which Congress must raise or suspend borrowing limits—or risk defaulting obligations.
Biden explores unilateral solutions such as invoking Section 4 of the 14th Amendment but acknowledges potential risks associated with these measures. Bloomberg conducted a poll gauging public reactions if Biden were forced into another unilateral workaround; results showed half of respondents still needed persuasion either way.
While uncertainty looms around resolving this issue before X-date arrives—potentially spooking markets—progressives and conservatives alike remain skeptical about their respective parties' willingness to compromise during negotiations.
Members from both sides have voiced concerns about possible compromise terms. For instance, Democrats strongly oppose adding work requirements to welfare services, while some Republicans refuse to raise the debt ceiling at all. As negotiations continue between President Biden and House Speaker McCarthy, lawmakers prepare for a tense G7 Summit with critical decisions on the horizon.