Editor’s Note: Lanhee J. Chen, PhD, is a regular contributor to CNN Opinion and the David and Diane Steffy Fellow in American Public Policy Studies at the Hoover Institution. He was a candidate for California State Controller in 2022. Chen has played senior roles in both Republican and Democratic presidential administrations and been an adviser to four presidential campaigns, including as policy director of Romney-Ryan 2012. The views expressed in this commentary are his own. View more opinion on CNN.
CNN
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President Joe Biden and House Speaker Kevin McCarthy met this week for the first time since McCarthy’s election as speaker amid much fanfare, but low expectations.
With a looming debt crisis facing the country, the public messaging on both sides was clear: There’s not a whole lot we agree on now, so let’s keep the conversation going. Biden budget chief Shalanda Young described the negotiations as a “marathon” where the two sides would eventually “find a path.”
Of course, we’ve seen this movie before: In 2011, when the country faced default and the global economy was on edge, then-President Barack Obama and Republicans in Congress reached an agreement in the last few hours before catastrophe was set to strike. Over a decade later, with a more polarized country and even less bipartisanship to speak of, observers shouldn’t expect the current crisis to be resolved until the weather becomes unbearably warm in Washington.
One of the dealmakers who facilitated the 2011 deal was none other than Joe Biden. Now, many in Washington are trying to predict what might unfold over the next several months as the once-and-future dealmaker approaches yet another debt ceiling crisis – but this time as commander in chief.
The current crisis presents an opportunity for moderates in both parties to unite around the need both to raise the debt ceiling but also to put in place lasting changes that will fundamentally improve America’s fiscal trajectory.
While we wait for an outcome, here are a few themes and trends to watch out for.
A final agreement between the White House and congressional Republicans is likely to hinge on whether a process can be put in place to address federal spending. It’s unlikely negotiators will reach a debt…
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