Tech entrepreneur and former PayPal executive David Sacks weighed in on the ramification of a potential stalemate in the debt ceiling debate — a looming risk that has set almost everyone talking.
President Joe Biden’s reluctance to endorse the debt ceiling increase the House Republicans have proposed has rendered the issue murkier.
What Happened: For the debt ceiling to be raised, Biden has to agree to the 1% annual growth cap, claw back unspent COVID-19 aid, and halt his student debt relief plan, Sacks said.
“Some of these controls on spending would be sensible but Biden won’t negotiate,” he said. “We’re headed for a game of chicken as the American economy drives off the cliff,” he added.
The “game of chicken” …
