• On Wednesday, Speaker Kevin McCarthy met for the first time with President Joe Biden to kick off negotiations ahead of the now-recurring, annual business of raising America’s borrowing limit to finance its upward-spiraling debt.
• ‘Default’ was on the minds of reporters waiting for McCarthy outside the White House. ‘Can you commit that the U.S. will not default on its obligations,’ one asked.
• No one – the least of which being McCarthy – wants America to fail in its responsibility to pay back its creditors. But I submit that there is a grander opportunity beyond a blind, slavish commitment to servicing skyrocketing debt. The nation is currently $31.4 trillion in the red.

Tagged: Economy