Debt Talks Near the Precipice
Saturday, May 20, 2023
Vol. 12, No. 1995
Debt and Debate: Talks between Republican and Democratic leaders about the national debt limit ended last night without any significant progress.
House Republican Majority Leader Kevin McCarthy said, “We can’t be spending more money; we have to spend less than we spent the year before.”
Outside a summit meeting in Hiroshima, Japan, President Biden told reporters that he’s not worried. “Not at all,” he said, later adding, “I still believe we’ll be able to avoid a default and get something decent done.”
With the June 1st deadline approaching to make a deal with Republicans about raising the national debt ceiling, a group of 11 progressive senators led by Tina Smith of Minnesota, Elizabeth Warren of Massachusetts, and Vermont’s Bernie Sanders, sent a letter to President Biden calling on him if necessary to crash the debt ceiling by invoking the 14th amendment.
The 14th says, “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.”
The letter argues that Republican leaders are being obstinate and that, “Over the past 63 years, the national debt limit has been raised nearly 80 times – 49 times when a Republican has been president and 29 times when a Democrat has been president.”
It goes on to say that, “Moody’s has estimated that if we do not raise the national debt ceiling, over seven million Americans could lose their jobs, the unemployment rate would climb to more than eight percent, interest rates on mortgages and credit cards would skyrocket, and Americans would lose some $10 trillion in household wealth.”
The War Room: President Biden said he would be in favor of Ukrainian pilots training to fly American F16 fighter jets and allowing other countries to give those jets to Ukraine for its war against Russia. Ukraine has been begging for more advanced warplanes.
As the politics of the war bleed into civilian life, Russia announce that it is banning 500 Americans from visiting the country, including former President Barack Obama, CNN anchor Erin Burnett, former US Ambassador Jon Huntsman, several US senators, and late night host Stephen Colbert, who has no need to go to Russia to make fun of it.
At the Movies: Actor Harrison Ford was in Cannes at a showing of the 5th and final Indiana Jones adventure. He started the series when he was 37 and now he’s 80.
Known for being a man of few words and hidden emotions, Ford said, “It was indescribable. I felt … I can’t even tell you.” He said. “It’s just extraordinary to see a kind of relic of your life as it passes by. But the warmth of this place, the sense of community, the welcome is unimaginable. It makes me feel good.”
And to answer your question, he is still married to “Ally McBeal” actress Calista Flockhart, who’s only 58.
The Obit Page: Jim Brown, the great Cleveland Browns running back who in the 1960s could carry a pile of tacklers and keep going, has died at age 87.
Brown is reported to have once said, “Make sure when anyone tackles you he remembers how much it hurts.”
Brown was chosen the NFL’s Most Valuable Player in 1965 and shattered records in his short career spanning 1957 to 1965. He retired early to be a civil rights activist and Hollywood actor. He led the Browns to their last NFL title in 1964 before retiring in his prime. He acted in at least 30 movies, including “Any Given Sunday” and “The Dirty Dozen.” He was one of the dozen who didn’t survive to the closing credits.
The sub-legend about Brown was that as a student at Syracuse University in the days of wooden sticks, he was one of the greatest lacrosse players ever. One of his advantages was that he could just run over the opposition.
But you can’t write only accolades about Jimmy Brown. He was a notorious abuser and beater of women. The cops were frequently at his house. One news veteran who lived across the street from him writes on Facebook that the cops would come and, “The women would stand there … with bruises … swelling … bleeding … and say they chose not to press charges.” That, too, was Jimmy Brown.
The Spin Rack: Iran yesterday executed three men accused of involvement with the anti-government protest movement that swept the country last year. The three were accused of killing two members of the Islamic Revolutionary Guard and a police officer during protests. Legal rights groups said the men confessed under torture. — Nebraska legislators yesterday approved a bill that would both restrict access to abortion and gender affirming medical care for transgender youth. The new law forbids abortion after 12 weeks. — South Carolina Republican Sen. Tim Scott has filed the papers to run for president … A Nevada computer scientist has sued in federal court to make MyPillow chief executive Mike Lindell pay the $5 million prize he promised in a contest for anyone who could prove that the 2020 election was not stolen from Donald Trump. Lindell said, “They’re just doing this trying to discredit the evidence and the evidence is all there,” even though no one, Lindell included, has produced evidence that the 2020 election was rigged.
Below the Fold: Entertainers Beyoncé and Jay-Z reportedly are shelling out $200 million for an architectural home in Malibu, making it the most expensive home ever to sell in California. It’s not the priciest home to sell in the country. Hedge fund titan Ken Griffin, shelled out about $238 million in 2019 for a four-level home inside 220 Central Park South in New York City. Evidently the property taxes are not a problem for these people.
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