A Democratic president. A new Republican majority in the U.S. House of Representatives pushing for sharp spending cuts. A rapidly growing pile of debt - and a showdown that threatens to throw the global economy into turmoil.
Both leaders lived through the 2011 showdown, Biden as vice president to Democrat Barack Obama and McCarthy as the No. 3 House Republican.
Biden and several aides still serving under him were scarred by the 2011 negotiations, according to two officials granted anonymity to discuss views within the administration. They were initially shocked that hardline Republicans would even broach the subject after years of drama-free debt-ceiling hikes and then decided to negotiate to avoid the worst.McCarthy will have to try to balance the demands of a vocal right wing in his party with the reality of divided government.
McCarthy also agreed to place three hardline conservatives on the Rules Committee, which sets the agenda for the House floor. That could enable them to block any compromise from even coming up for a vote. Some House Republicans protested when McConnell in December 2021 cut a deal to raise the debt ceiling and avoid default.
Some newer Republican lawmakers have absorbed former President Donald Trump's confrontational approach to governing, which adds another layer of risk, said Bass, the former Republican lawmaker.
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