Strategists and policy experts in both parties believe Democrats will have to come to the bargaining table soon to negotiate a debt ceiling deal that would avoid an economic catastrophe. President Biden and Senate Majority Leader Charles Schumer (D-N.Y.) are so far refusing to negotiate with Speaker Kevin McCarthy (R-Calif.) on raising the nation’s debt ceiling, but voices across the political spectrum argue the precedent for such talks has been set. Former President Obama negotiated with the House Republican majority in 2011 to extend the nation’s borrowing authority, while former President Trump agreed to big discretionary spending increases in 2019 to raise the debt ceiling.
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