Kevin McCarthy, Joe Biden, and the Deeply Unserious Debate Over the Debt Ceiling

Published

2 years ago

April 19, 2023

admin

As the clock ticks toward a possible default on the national debt, Speaker of the House Kevin McCarthy (RCalif.) and top Democrats in Washingtonas well as media allies on both sidesare locked in a staring contest over who can take the matter less seriously.

The latest development in this slow-motion train wreck was a speech McCarthy delivered Monday from the New York Stock Exchange. “Debt limit negotiations are an opportunity to examine our nation’s finances,” he said, stressing that a bill to raise the nation’s debt limit would only get through the House if it was pared with spending cuts. The House will vote on such a bill within “the coming weeks,” McCarthy promised.

So far, so good. A debt default would be an economic catastrophe for the country and should be averted at all costsbut McCarthy is right that this is a good opportunity to examine America’s out-of-control borrowing habit. Raising the debt ceiling doesn’t authorize more borrowing. It merely gives the Treasury permission to borrow funds to pay for what Congress has previously agreed to spend. But it is the moment when past congressional budgeting decisions come home to roostthe equivalent of seeing your credit card statement after a blowout vacation that you couldn’t afford. You still have to pay the bills, but it should be a wake-up call.

But while McCarthy is saying some of the right things about this situation, he still doesn’t seem to have much of a plan for what to do. Monday’s speech was devoid of specifics beyond a promise to cut spending back to last year’s levelssomething he’s been proposing since January, just weeks after the passage of a year-end omnibus bill that hiked spending across the boardand some rather vague promises about tightening work requirements for welfare programs.

Notably absent from Monday’s speech was any promise about balancing the budget in 10 years, something that had been part of the House GOP’s earlier list of demands for the debt ceiling negotiations. AsReason has previously noted, it’s pretty much impossible to make the budget balance in a decade without making serious alternations to entitlement programs including Social Security and Medicare, and McCarthy has promised not to touch those as part of the debt ceiling package.

Importantly, it remains unclear whether even this narrower list of prospective ideas can pass the GOP-controlled House. Asked in an interview on CNBC just moments after his New York speech ended, McCarthy refused to give a straight answer about whether he had enough votes for this still-murky debt ceiling package.

As Democrats were quick to point out, McCarthy’s “plan” is little more than a series of starting points for negotiations. “What we got today was not a plan,” Senate Majority Leader Chuck Schumer (DN.Y.) told NBC News after McCarthy’s speech. “It was a recycled pile of the same things he’s been saying for months.”

But, well, Democrats are just recycling the same things they’ve been saying for months too. The White House has been steadfast in refusing to negotiate with House Republicans until McCarthy presents a full-fledged budget proposal like the one President Joe Biden presented on March 9. “I don’t know what we’re negotiating if I don’t know what they want, what they’re going to do,” Biden reiterated to reporters over the weekend.

This is an unserious approach too. Both McCarthy and Biden (and everyone else involved) are well aware of why Democrats want to see a full Republican budget plan before they start negotiatingand it has very little to do with the debt ceiling. Instead, Democrats will pick apart the proposal to score political points by criticizing whatever spending cuts the House GOP outlines.

Indeed, Democrats and their allies are already eager to demagogue the bare bones of what McCarthy has outlined. Liberal Substacker Matt Yglesias says it is “irresponsible for Kevin McCarthy to run around threatening to blow up the global economy in order to snatch poor people’s health care away.” At Talking Points Memo,David Kurtz is already decrying the “draconian spending cuts” that McCarthy has proposed. That’s insane, because McCarthy’s so-called plan merely calls for rolling back federal spending to the level it was at in 2022a whole four months ago.

Here’s the really crazy thing: Even if Congress did somehow manage to hold the discretionary spending level next year, overall spending would still increase. That’s because the $1.7 trillion discretionary budget is only a fraction of federal spending. Other itemslike the so-called mandatory spending on entitlements like Social Security and Medicare as well as the rapidlyincreasinginterest costsconnected to the $31 trillion national debtwill continue to grow and drive federal deficits higher.

The crux of this problem is two-fold. First, Republicans have spent the better part of the past decade completely ignoring fiscal policywhile in many cases actively chasing out members who did care about this stuff. As a result, the GOP has very little institutional sense of what a solidly conservative federal budget would actually look like. Is there any spending plan that would get the support of all 222 Republican members right now? McCarthy doesn’t seem to know.

Second, Democrats have demonstrated an utter unwillingness to acknowledge that America has a serious borrowing problem, which must be the starting point for any negotiation about the debt ceiling regardless of what other policies may or may not end up being part of the final package. They don’t need to see a full budget proposal to acknowledge things like the Congressional Budget Office’s forecast that says the federal government is on track to spend $10.5 trillion on interest payments in the next decadeand more if interest rates remain higher than expected.

Why should Republicans put forth a budget plan when they know in advance that Democrats only want to use it to paint the GOP as a party of benefit-cutting skinflints? Why should Democrats negotiate in good faith when they know quite well that Republicans only care about fiscal responsibility when a Dem is in the White House? Neither side has much to gain from doing what the other wants, so no one moves.

But the impasse created by years of poor, myopic decision making in Washington is pushing the federal government ever closer to a dangerous cliff. McCarthy and Biden need to get serious about this, and soon.

Sports

Fantasy baseball: What to expect from Red Sox prospect Marcelo Mayer

Published

2 hours ago

May 24, 2025

admin

Fantasy baseball: What to expect from Red Sox prospect Marcelo Mayer

Eric KarabellMay 24, 2025, 04:30 PM ET
Close

Boston Red Sox SS prospect Marcelo Mayer is getting the call to the major leagues, as starting 3B Alex Bregman (calf) is headed to the injured list. Fantasy managers should not expect Mayer, 22, to replace Bregman’s excellent numbers (.938 OPS), but he should see opportunity for playing time over the likes of Nick Sogard and Abraham Toro. Mayer is an excellent defensive shortstop, but he has played second base and third base at Triple-A Worcester as well this season.

Ranked No. 6 in Kiley McDaniels’ recently updated top 50 prospect rankings, Mayer hit .265/.342/.465 over 43 games and 193 plate appearances at Triple-A, with 9 home runs, 43 RBI and 2 stolen bases. The No. 4 pick in the 2021 amateur draft, Mayer hits left-handed, makes solid contact and drew a 10.4% walk rate this season. There is power upside, but as with most prospects, fantasy managers should keep initial expectations well in check.

Everyone loves the prospects until they reach the majors and alter their narrative (as most do). Chicago Cubs rookie IF Matt Shaw struggled earlier this season and was sent back to Triple-A, though he has returned to the majors. Arizona Diamondbacks SS Jordan Lawlar remains hitless in the majors this season. New Red Sox teammate Kristian Campbell is hitting .225 with a 27% strikeout rate. Hitting big league pitching can be problematic even for long-time veterans. In ESPN’s shallow standard leagues, with no middle infield spot and only nine active hitting spots, it is tough to make an argument to rush out and add Mayer. At the time of the promotion announcement, he was available in 94% of ESPN standard leagues.

Those needing to replace Bregman at third base should look at the Texas Rangers‘ Josh Jung and Jake Burger, and the Philadelphia Phillies‘ Alec Bohm, proven players with job security. For those looking at adding Mayer as their shortstop, Angels star Zach Neto somehow remains available in 71% of leagues, and he certainly comes recommended over Mayer, as does Colorado Rockies starter Ezequiel Tovar. Mayer will likely hit near the bottom of the Boston lineup. If he hits well, he might move up, and he might keep his roster spot even when Bregman returns to health.

It is exciting when one of the top prospects in the sport earns a promotion, but hitting a baseball against top pitching can be challenging for all. Those in deeper formats can make a better case to add Mayer and hope for the best.

Sports

Sources: Red Sox call up heralded prospect Mayer

Published

2 hours ago

May 24, 2025

admin

Sources: Red Sox call up heralded prospect Mayer

The Boston Red Sox are calling up infielder Marcelo Mayer, the No. 6 prospect in baseball and a central part of their future who they hope can play a role in their push for a postseason berth this year, sources told ESPN.

Mayer, 22, who has excelled at shortstop as he ascended through the Red Sox’s farm system after they took him with the fourth overall pick in the 2021 draft, is likely to get playing time with All-Star third baseman Alex Bregman expected to land on the injured list after leaving Friday’s game with right quadriceps tightness.

At Triple-A Worcester, where Mayer was hitting .271/.347/.471 with nine home runs and 43 RBIs in 43 games, he played four games at third base. Mayer also could see time at shortstop, with Trevor Story in a profound monthlong slump.

The arrival of Mayer marks the second of Boston’s big three prospects, with Kristian Campbell earning the second-base job in spring training. After a hot start, Campbell has slumped likewise and is hitting .225/.321/.369. The third of the group, outfielder Roman Anthony, is the No. 1 prospect in MLB, according to ESPN’s Kiley McDaniel, and is hitting .323/.455/.513 with six home runs and 18 RBIs at Triple-A.

The loss of Bregman, who is hitting .299/.385/.553 in his first year with the Red Sox, takes an MVP-caliber bat out of a lineup that has struggled. The Red Sox lost first baseman Triston Casas for the season to a ruptured tendon in his left knee and have struggled to find a productive fill-in, amplifying calls for the team to reach into its significant minor league depth.

Boston has taken Mayer’s development slowly, with injuries limiting him to 91 games in 2022, 78 games in 2023 and 77 games last year. He is a career .273/.360/.466 hitter in 315 minor league games and projects to be a middle-of-the-order bat and Boston’s long-term solution at shortstop.

Bregman’s contract includes an opt-out after the 2025 season, opening the possibility of a shift to third for Mayer. At 6-foor-3 and 190 pounds, he has both the size and the arm strength typically sought for the position. But his glove at shortstop is regarded as above average, and Boston could opt to move Story off the position for Mayer or Ceddanne Rafaela, who also plays center field for the Red Sox.

Sports

Cora: Bregman moving closer to possible IL stint

Published

2 hours ago

May 24, 2025

admin

Cora: Bregman moving closer to possible IL stint

Associated Press

May 24, 2025, 12:47 PM ET

BOSTON — Red Sox third baseman Alex Bregman could be nearing a trip to the injured list after leaving Friday’s game with right quadriceps tightness, manager Alex Cora said.

“He’s getting an MRI. He’s sore,” Cora said at Fenway Park on Saturday morning before the Red Sox were set to face the Baltimore Orioles in the first game of a split doubleheader.

“We’ll see where he’s at,” Cora said before later adding that Bregman said it felt “worse” than he expected.

Asked whether a stint on the IL could be coming, Cora said: “I don’t want to jump into conclusions, but yes.”

If Bregman does need to go to the IL, who will play third?

Cora said the plan is for the team to “mix and match” and answered “no” when asked whether Rafael Devers could be in the immediate plans.

“There’s a lot of guys in the conversation,” Cora said. “Roster construction comes into play, guys in the minor leagues, how they fit the roster — all that stuff.”

Could Devers be in the mix at some point?

“We made a decision in the offseason, and this is where we’re going,” Cora said, without completely closing the door. “There are a few things that we took into consideration, and I think we’ve been very consistent with it.

“I’m not going react to the outside world because [they] think that’s the right move. Maybe it’s not, right? Maybe we’re doing it right? Maybe we’re doing it wrong?”

Earlier this month, Devers told the Red Sox he wasn’t moving to play first base. The designated hitter has been red-hot lately after collecting a career-best eight RBIs in a lopsided victory over the Orioles on Friday afternoon.

“I know the guy. He’s raking. He’s the best DH in the American League right now,” Cora said. “If he keeps continuing to do this, he’s going to be in the All-Star Game as the DH and going to win a Silver Slugger as a DH. This is where we’re going. We’ll continue to talk. I’m not going to say we’re going to close the door.”

Boston already lost a corner infielder for the season when first baseman Triston Casas ruptured a tendon in his left knee and had season-ending surgery. The loss of Bregman could be a big blow to a lineup that has struggled at times.

“We’ll be OK. Obviously, he’s a big part of our offense,” Cora said. “Triston is a big part of our offense. We’ve just got to find a way to score runs in a different way, and we’re prepared for that.”

Devers, the team’s third baseman for eight seasons, was moved to DH after Bregman signed a three-year, $120 million deal as a free agent and was given the job. After a slow start at the plate, Devers has heated up and is batting .299 with 12 homers and 47 RBIs.