EDITORIAL: Time for Biden to pick up the phone on debt ceiling

FILE - President Joe Biden speaks in the South Court Auditorium on the White House campus, March 4, 2022, in Washington. (AP Photo/Patrick Semansky, File).
Barack Obama when stated that "elections have consequences." President Joe Biden would be smart to recognize the wisdom of his old employer's observation.

Democrats lost control of your home last year. Republicans now have a 222-213 bulk. However Mr. Biden prefers to pretend that Nancy Pelosi still wields the gavel. He'll eventually need to face truth.

Last week, the lower chamber narrowly passed a GOP step to raise the debt ceiling by $1.5 trillion. House Speaker Kevin McCarthy and members of his caucus seek to utilize the legislation to impose a degree of financial restraint on Congress.

Those are worthy proposals.

Mr. Biden has responded petulantly, insisting he won't work out over the financial obligation ceiling or let Republicans hold the issue "captive" to other concerns. And what sense does it make to sign off on a greater financial obligation ceiling without at least talking about the country's unsustainable fiscal trajectory?

House Republicans hold some cards. They have actually passed legislation attending to the financial obligation ceiling, something the Democratic-controlled Senate has yet to do. If Mr. Biden stays intransigent, he'll have a hard time persuading independent citizens that it's all the GOP's fault while running the risk of additional disintegration of the economy as he seeks re-election.

In addition, several prominent groups, consisting of the U.S. Chamber of Commerce and business Roundtable, have actually praised the House expense and are advising the president to work out. It's not clear, The New York Times reported, "that Biden will have the ability to maintain his existing posture towards McCarthy forever." The paper goes on to state that "some administration authorities privately recommend" that a compromise might be possible which Mr. Biden will get up to the awareness that he has little choice.

" White House authorities yield," the Times report notes, "that Biden will need to assemble settlements with congressional leaders over taxes, costs and debt before the federal government lacks cash to pay its costs.".

The financial obligation ceiling debate has actually ended up being a tiresome ritual every couple of years on Capital Hill. To the extent that the House costs triggers a discussion, it should be thought about a success. Mr. Biden need to select up the phone.