Tag: debt
Joe Biden

Murdoch Journal's Story About Biden 'Slipping' Is Comically Weak

Republicans and their right-wing media propagandists have spent the last four years smearing President Joe Biden as mentally infirm. That argument keeps exploding in their faces when Biden appears before a national audience in debates and speeches, but the president’s mental acuity is a frequent subject of media attention, and polls show voters are concerned about Biden’s age.

That’s the context for the 3,000-plus-word investigation that The Wall Street Journal published Tuesday night, which concludes that “Behind Closed Doors, Biden Shows Signs of Slipping,” based largely on the complaints of anonymous Republicans who hope Biden loses to Donald Trump in November so the party can implement its agenda of tax cuts for the wealthy, restrictions on abortions, and political retribution. The Republican National Committee, Trump’s campaign, and the legion of MAGA supporters, eager for a subject that isn’t their candidate's felony conviction, instantly jumped on the story.

The Journal notably provides no on-the-record statements from anyone speaking against their partisan interests. It would be genuinely revelatory if the Journal found Democrats willing to offer on-the-record comments about Biden’s mental acuity that remotely approached the public statements from former senior Trump aides describing him as “an idiot” who does “crazy” things and lacks understanding of basic concepts.

But the paper spent months conducting interviews with several dozen “Republicans and Democrats who either participated in meetings with Biden or were briefed on them contemporaneously” and came away with nothing like that.

Instead, the Journal uncovered negative anecdotes about Biden’s performance in three negotiations dating back to May 2023.

According to the paper, “most of those who said Biden performed poorly were Republicans.” Among Democrats, “some” — apparently speaking anonymously — “said that he showed his age in several of the exchanges” while others — often on the record — “found no fault in the president’s handling of the meetings.” And the Journal further acknowledged that “members of the Biden administration offered numerous examples of other situations that they said showed the president was sharp and engaged.”

The story gets even thinner upon closer inspection.

The sole named critical source for any of the anecdotes is former House Speaker Kevin McCarthy, who claimed Biden is “not the same person” he was as vice president and said the president would “ramble” and “always had cards” during some of their debt ceiling negotiations in May 2023.

But McCarthy is a notoriously dishonest person, an election denier who lost his speakership because he was widely distrusted and is now attempting a rebrand based on what Politico called “clever truth-bending and big omissions.” And true to form, the record shows that in the lead-up to the debt ceiling negotiations, McCarthy had publicly portrayed Biden as “doddering,” even as he privately “told allies that he has found Mr. Biden to be mentally sharp in meetings,” The New York Timesreported at the time.

A second anecdote relies on current House Speaker Mike Johnson’s (R-LA) apparent recollection of a February one-on-one meeting with Biden in which they discussed his administration’s pause on permit approvals for new liquified natural gas terminals, relayed through “six people told at the time about what Johnson said had happened.”

Johnson, who has every incentive to put their conversation in the worst possible light, reportedly “worried the president’s memory had slipped about the details of his own policy.” But the description of whatever the mix-up was supposed to be is extremely vague — the Journal reports that “Biden said … that the new policy was only a study, according to several people familiar with Johnson’s version of what happened” while a White House spokesman responded by calling the reported version of the conversation “a false account” and explaining that “the study is part of the new policy, and that the pause doesn’t affect current exports.”

The third anecdote features a January 17 meeting at the White House in which Biden discussed the need for military aid to Ukraine with “nearly two dozen congressional leaders.” Here the critique, as provided through anonymous accounts, is that Biden used notecards, reargued points already conceded, slowly worked his way around the room greeting people, spoke softly, and repeatedly deferred to other lawmakers and staffers.

But on the record, one top Biden aide said the use of notecards is standard practice for presidents; another said Biden turned to aides to answer questions only twice; and several Democrats who attended the meeting provided statements describing Biden’s performance in the meeting as, in the words of House Minority Leader Hakeem Jeffries, “incredibly strong, forceful and decisive.” Indeed, the Journal apparently got so many positive comments from Democratic attendees that some were left on the cutting room floor.

The Journal is perhaps the most credulous of the major newspapers when it comes to the GOP’s campaign to convince the public that Biden’s stammer and occasional verbal stumbles indicate he has dementia. A 2023 Media Matters study found that over several months, the Journal published more than twice as many articles mentioning Biden’s age as Trump’s, and it was less likely to mention Trump’s age in articles mentioning Biden’s than the other papers we reviewed.

The paper was burned on this topic just a few months ago, after then-special counsel Robert Hur, a former clerk to right-wing judges and a Trump administration appointee, took a shot at Biden as seeming like “an elderly man with a poor memory” in their interview. The Journal ran 18 reports on Biden’s mental fitness in the four days following Hur’s report, according to Popular Information. Upon the release of the interview transcript, however, the paper reported that it showed Biden “veering into frequent digressions, but not stumped on basic factual questions.”

The Journal apparently responded to that embarrassment by conducting a monthslong investigation finding that Republicans who want Biden to lose the presidential election say that their talking point that he is failing mentally is correct. The result is a telling sign of the news media’s asymmetry: It is impossible to imagine the analogue to this story, in which a news outlet widely read by Republicans would commission and run a story built around Democrats’ anonymous, critical comments about Trump.

Reprinted with permission from Media Matters.

Biden Rebuffs 'Extreme' GOP But Expresses Optimism On Avoiding Default

Biden Rebuffs 'Extreme' GOP But Expresses Optimism On Avoiding Default

Washington (AFP) - Talks to avoid a US debt default were on a knife edge Saturday as President Joe Biden warned he would not accept "extreme" Republican demands but said he remained optimistic.

"I still believe we'll be able to avoid a default and we'll get something decent done," he told reporters at the G7 summit in Hiroshima, Japan.

With the Treasury Department warning that the US government could run out of money as early as June 1 -- triggering massive economic disruption in the world's biggest economy and likely around the globe -- the political battle in Washington has see-sawed without any clear sign of resolution.

Republicans, who control the House of Representatives, are demanding steep budget cuts as a price for allowing an extension of the government's borrowing authority. The White House is seeking to whittle down Republican demands, while arguing that the traditionally uncontroversial annual debt ceiling increase is being weaponized for political gain.

Hopes for a settlement took a blow Friday when Republicans walked out of negotiations, declaring a "pause."

However, the talks restarted hours later, leading White House Press Secretary Karine Jean-Pierre to say "we are indeed optimistic."

Biden, on the other side of the world for the gathering of rich democracies, was briefed on the situation early Saturday, which was still Friday night in Washington, the White House said.

Biden communications director Ben LaBolt said "Republicans are taking the economy hostage and pushing us to the brink of default, which could cost millions of jobs and tip the country into recession after two years of steady job and wage growth."

While Biden will not accept "extreme" Republican policies, "there remains a path forward to arrive at a reasonable bipartisan agreement if Republicans come back to the table to negotiate in good faith," LaBolt said.

Taxing And Spending

More borrowing is required by the US government just to meet expenditures already made, meaning that refusal by the Republicans to lift the debt ceiling would leave Washington unable to pay its bills, triggering an array of economic shockwaves.

Republicans argue that the more than $31 trillion in US national debt is too high to accept and that there should be agreement on getting the books more balanced, rather than simply authorizing a still-higher debt allowance. They passed three increases in the debt limit without dissent while Donald Trump was president.

Democrats say that they are willing to discuss the budget but that first the debt ceiling needs to be raised without condition so that the existing bills can be paid and US financial credibility preserved.

Briefly calling off the talks on Friday, House Speaker Kevin McCarthy said: "We've got to pause," because "we can't be spending any more money next year." He failed to acknowledge that Trump increased the debt by nearly $8 trillion -- an historic record.

Biden's team says the raft of spending cuts being demanded by Republicans are fueled by the agenda of the party's increasingly dominant hard-right wing.

In his statement, LaBolt said that the Republican budget cuts would lead to large-scale job losses and the weakening of social safety nets, while extending tax breaks for the wealthy. The counter-proposal from the White House is to raise taxes on the wealthy to improve revenue and to accept more limited spending cuts.

In his remarks to reporters, Biden expressed a willingness to be patient.

"It's a negotiation. It goes in stages," he said. Asked if he was worried, he replied: "Not at all."

The president leaves Japan for Washington on Sunday, cutting short a trip that had been set to take him to Papua New Guinea and Australia next week.

Biden Will Meet With Republican Leaders Tuesday To Thwart Default Disaster

Biden Will Meet With Republican Leaders Tuesday To Thwart Default Disaster

Washington (AFP) - Washington's power brokers love playing chicken. But the rest of the world will watch in dread Tuesday when President Joe Biden and Republican leaders meet to negotiate the US debt ceiling -- praying that one side finally blinks.

The White House summit between Biden, House Speaker Kevin McCarthy and Senate Republican leader Mitch McConnell sets in motion the deciding round of a power struggle whose outcome will impact the global economy and could upset the 2024 US presidential election.

The immediate issue is raising the debt ceiling, an arcane budgeting procedure that most years passes with little controversy. Basically, the US government always spends more than has been budgeted but, unlike in most countries, then requires congressional approval to borrow extra.

This year, McCarthy and his radicalized right-wing party have decided to say no, unless Democrats first agree to sweeping budget cuts, giving in to the Republican message that Biden has been profligate and irresponsible.

Biden, who will be joined in the White House talks by the Democratic minority leader in the House of Representatives, Hakeem Jeffries, and the Democratic majority leader in the Senate, Chuck Schumer, accuses Republicans of "hostage" taking.

He insists that the debt ceiling first be raised -- as in other years -- and only then can he and the Republicans discuss cutting the budget to reduce that decades-old accumulated debt, currently the world's biggest at $31 trillion.

A dispute over sequencing might sound academic.

However, with both sides dug in and the deadline approaching, the debate has turned into a life-or-death test of political strength.

Fail to authorize more borrowing and the government will run out of money and default.

Cue worldwide panic.

Soaring interest rates, stock sell-offs, Treasury bond downgrades, and near certain US recession will be on the menu -- and that's before factoring in long-term harm to the US geopolitical brand.

"Even getting close to a breach of the US debt ceiling could cause significant disruptions," warned a White House analysis. "An actual breach of the US debt ceiling would likely cause severe damage."

When is doomsday? No one knows for sure.

But US coffers could run dry as early as June 1, according to the Treasury.

That's just over three weeks from the Tuesday sit-down.

Huge Divide

As the clock ticks away, the divide appears unbridgeable.

The White House is clinging to an "irrational, reckless" strategy and Democrats are "terrified" about allowing "clueless" Biden to negotiate, tweeted the Freedom Caucus -- the group of hard-right Republicans effectively controlling the razor-thin Republican majority in the House.

Biden is not budging.

A strong economic recovery from the Covid era is one of Biden's main cards in his bid for a second term next year. So the 80-year-old has all the more reason to steer the country clear of crisis.

Yet he's also adamant about not caving into the Republican attempt to link budget negotiations to the debt ceiling, saying this will transform a basic, fundamental obligation into a political football.

"They're trying to hold the debt hostage to (get) us to agree to some draconian cuts," he told advisors Friday.

Biden repeated one of his favorite stats, noting that Republicans had voted, without imposing any conditions, to extend the debt ceiling three times during the presidency of Republican Donald Trump.

"No one's ever not voted to increase the debt limit." he said. "I'm going to reiterate to congressional leaders that they should do what every other Congress has done -- that is, pass the debt limit, avoid the default."

Analysts say there are several potential exit ramps from imminent default.

The two sides could simply punt, extending the debt ceiling for a few weeks, while talks continue.

They could come to a messy compromise that resolves the issue by promising yet-to-be-determined budget cuts, but condemning the nation to repeat the whole drama in an election year.

Failing all else, the White House has not ruled out invoking a constitutional power to bypass Congress altogether and unilaterally authorize more borrowing -- except this would likely be challenged in court.

"I've not gotten there yet," Biden said late Friday in an MSNBC interview on use of the 14th Amendment.

Short of an unexpected political truce, however, there are no easy options.

And while much of the world looks on nervously, some countries are watching in glee, the Biden administration warns.

"They love to see chaos in the American system," White House budget director Shalanda Young said, referring to China and Russia. "They love to see that we can't do our basic jobs."

House Republicans Now Whine About Debt They Helped To Create

House Republicans Now Whine About Debt They Helped To Create

The Treasury Department announced last week that the national debt exceeded $30 trillion for the first time. In the days that followed, Republicans in Congress who helped rack up a large portion of that debt responded with outrage and were quick to try to pin the blame on President Joe Biden and their Democratic colleagues.

But many of the same Republicans who are currently treating the debt as a calamitous existential threat were largely silent on it during the previous administration. And they helped get it to the current level, through big spending and unfunded tax cuts.

"We have a $30 trillion debt, larger than our economy," House Minority Leader Kevin McCarthy complained Thursday in a House floor speech, calling the size of our debt one of the "two greatest threats to the future of the United States," along with China.

"Today is a sad day for the United States of America," Florida Sen. Rick Scott wrote on Friday. "For years, I have been warning about the devastating consequences of our rapidly rising federal debt, but its [sic] fallen on deaf ears in Washington."

"$30,000,000,000,000," tweeted Iowa Rep. Randy Feenstra. "This enormous figure should scare us all. Since 1990, our debt has grown tenfold and there's no indication this is the ceiling."

Though the figure was already more than $27 trillion before Democrats took control of the White House and Congress at the start of 2021, some GOP lawmakers suggested that they were to blame for the entire total.

"$30T in debt under Biden," Louisiana Sen. John Kennedy dishonestly claimed.

"!! 30 TRILLION !! For the first time in American history, our country’s debt has exceeded $30,000,000,000,000," said Arizona Rep. Debbie Lesko. "This is America under a one-party rule."

Oklahoma Sen. Jim Inhofe added, "This unprecedented, reckless spending is unacceptable. It’s past time to get this spending under control and ensure our children and grandchildren aren’t saddled with the consequences of Dems’ poor decision making for generations to come."

It is unclear how big a threat the level of debt really is. A July 2020 assessment by Brookings Institution senior fellow David Wessel noted that "for now" the debt level was not a problem, but that it could become one. "No one really knows at what level a government's debt begins to hurt an economy; there’s a heated debate among economists on that question," he said.

John Jay College of Criminal Justice economics professor J.W. Mason told Quartz last Wednesday that the $30 trillion figure was somewhat misleading, as $8 trillion of that is money the federal government owes to itself — such as funds borrowed from Social Security trust funds.

Over the past 21 years, Senate Republicans voted for about $8.5 trillion in spending and revenue reductions.

President Bill Clinton left office in 2001 with a budget surplus. Rather than pay down the existing debt, congressional Republicans passed President George W. Bush's 2001 and 2003 tax cuts, adding more than $1.4 trillion to the deficit. They also backed his long Iraq War, at a cost of more than $2 trillion.

During President Barack Obama's time in office, Republicans rebranded themselves as debt hawks and used the Tea Party movement to win a House majority in the 2010 midterms on a promise to address the budget deficit.

In 2016, candidate Donald Trump ran on a promise to balance the budget and get rid of the national debt entirely "fairly quickly."

But once he took office in 2017, Trump and his party quickly dropped the issue. Trump never put forward a plan to balance the budget and House and Senate Republicans did little to reign in his spending on defense, a border wall that Mexico did not pay for, and tax cuts for the rich.

Their Tax Cuts and Jobs Act of 2017 meant about $1.9 trillion in additional debt spending between 2018 and 2028. Even before the 2020 coronavirus pandemic shut down much of the nation's economy, Trump's policies meant borrowing trillions.

Once COVID-19 hit the U.S., both parties joined together to spend several trillion more on public health, relief checks, and support for businesses to help them avoid layoffs. In total $7.8 trillion was added to the debt over Trump's single term in the White House.

Once Biden took office, Republicans quickly remembered the debt as an issue. Some even admitted that they deserved some of the blame for the problem.

"I don't think anybody has a very good record for the last decade on this," Sen. Roy Blunt of Missouri told Fox News in April 2021.

"I mean the previous administration, debt and deficits weren't a high priority for them," Minority Whip John Thune admitted that March.

Both still voted last February for an unsuccessful amendment aimed at making Trump's individual tax cuts permanent.

They and every other Republican in Congress then opposed Biden's Build Back Better proposals, which would have invested in climate and caregiving infrastructure but actually reduced the national debt. GOP leaders said standing against the plan's increased taxes on those earning $400,000 and up and on corporations was their "red line."

Reprinted with permission from American Independent

Shop our Store

Headlines

Editor's Blog

Corona Virus

Trending

World