LEVER WEEKLY: The Debt Ceiling Standoff Has Been A Performance

This is Lever Weekly, a recap of our work from the past week. If you only read one email from us all week, this should be it.

Along with a breakdown of our reporting, podcasts, and live events for all subscribers, we are providing paid subscribers with an original column. In this week’s piece, Julia Rock argues that the debt ceiling crisis is a charade and the federal budget is a gimmick.

👇 Below is an excerpt of our subscriber-only column, and below that is a recap of all of our other work from the week.

The Debt Ceiling Standoff Has Been A Performance

By Julia Rock

In the debt ceiling standoff, Republicans are holding the global economy hostage, demanding a ransom payment that consists of gutting the U.S. social safety net, rapid approval of fossil fuel projects, cuts to education and national park budgets, and more.

Their strategy appears to be working. On Saturday night, House Speaker Kevin McCarthy (R-Calif.) announced he and Biden had reached a tentative “agreement in principle” to raise the debt ceiling that includes new work requirements on social programs and cuts to the federal budget. McCarthy said details of the agreement would be released Sunday, and lawmakers are expected to vote on it this upcoming Wednesday.

President Joe Biden, a famously bad negotiator who has pushed for cuts to social programs in the past, has negotiated with the hostage takers. Lawmakers in his own party are reportedly “anxious” that the president has been ignoring the old adage about negotiating with terrorists. In other words…