On Negotiating with Fiscal Terrorists

The universal rule is supposed to be that one doesn’t negotiate with terrorists. Experience tells us that it is rarely followed; even the Israeli government does it. What does that mean for Biden and the debt ceiling?

There is no legal, moral, economic, or constitutional basis for refusing to pay existing debts, so as a purely intellectual matter, Biden is right to say he won’t negotiate. As a practical matter, things get murkier. Assuming, for purposes of argument, that Biden really has (mistakenly) rejected relying on the Fourteenth Amendment to deal with the problem, his first step should be to force the GOP to put something on the table; in other words, he shouldn’t negotiate with himself. He is following that direction as of today. After the GOP has exposed the outrageousness of its demands, whatever they may ultimately be, the real discussions will begin. Where that will lead, I can only guess.