The two sides have dug in to their respective positions on the debt ceiling crisis, and nobody at this point can predict what the eventual outcome is going to be. America is watching Washington politicians essentially play Russian roulette with our country's -- and by extension, the whole world's -- economy. While most sane people would prefer that the politicians don't kill the economy to score ideological points, that is a very real possibility at the moment. Both President Joe Biden and House Speaker Kevin McCarthy are walking a tightrope, as the crowd breathlessly watches the high-wire act play out. But what I find myself wondering is whether McCarthy will survive the experience without plunging back to Earth -- or, more accurately, back to the back benches in the House Republican caucus.

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We have moved into a new stage of the debt ceiling standoff between House Speaker Kevin McCarthy and President Joe Biden. This clock could now be ticking down faster than anyone expected. If Treasury Secretary Janet Yellen is right, the United States could be facing a default on its obligations as soon as the first of June -- one month from today. Biden has been holding firm on his refusal to negotiate budget matters in exchange for McCarthy freeing the hostage of defaulting on the nation's debt, and McCarthy is likewise holding firm on his insistence that a clean debt ceiling hike bill will not pass the House and that negotiations are the only way forward. McCarthy has now managed to get a rather bare-bones plan passed through the House (with zero votes to spare), which is effectively the GOP's list of demands -- their ransom ask in the hostage-taking, in other words.

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President Joe Biden announced his bid for re-election today, releasing a three-minute video in which he explains why he's running. As the ad makes clear, Biden will be running on one basic concept: freedom. He's in favor of it, and in favor of Americans having more of it. The Republican Party countered with a 30-second ad of their own, in which they present an apocalyptic vision of what a second Biden term would be like. No, that is not hyperbole or an exaggeration. The only other possible word to use is "dystopian." They have outdone themselves in the fearmongering department (where they regularly excel). Since the GOP doesn't have a nominee yet, they are restricted only to offering up criticism of Biden (whether real or, in this case, entirely imagined), perhaps hoping that their eventual nominee will offer up some sort of positive vision of their own (which doesn't exactly seem likely, but hey, it could happen, I suppose). Since Biden is almost certainly going to skate to the Democratic nomination unopposed (or "unopposed by any Democrat the voters would actually nominate," to be technically accurate), this means that for at least the rest of this calendar year, it may stay a contest between: "Freedom," and: "Be afraid, be very afraid!"

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We admit using that subtitle dates us in a way, since we are indeed old enough to remember the popular song of the same name -- but we couldn't resist, since this week started out with Fox News caving at the last possible moment as a civil defamation trial was set to begin against them. First the trial was delayed a day and then came the bombshell news that Fox had settled with Dominion Voting Systems for a jaw-dropping $787.5 million. To state the patently obvious, you don't settle a case you fully expect to win. Fox knew it was in danger of not just losing the case (Dominion had sued for $1.6 billion, a little more than twice what Fox settled for) but having the network's dirty laundry exposed in even more painful fashion than it already had been (through releases of internal communications between executives and network personalities that were already embarrassing enough). Fox was indeed on the run, to the tune of over three-quarters of a billion dollars.

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House Speaker Kevin McCarthy has finally made his opening bid, in the showdown with President Joe Biden (and the Democratic Senate) over raising the nation's debt ceiling. Today McCarthy released a proposal he thinks he will get 218 Republican votes and actually pass the House. It remains to be seen whether that's even true or not -- a vote won't be held until at least next week, and to say that not everyone in the GOP caucus is on board yet is an understatement. But at least he's finally put some numbers down on paper for all to see.

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After their first 100 days in power, the cracks are beginning to show in the Republican majority in the House of Representatives. Speaker Kevin McCarthy is going to try to pass a bill with a bare-bones summary of a budget within the next few weeks, but at this point no bill has actually been written and no GOP consensus has emerged about what that bill should (or shouldn't) contain. It is still unclear whether any plan is going to get the 218 votes to pass. Factionalism within the Republican conference is a tough hurdle to get over, what with the razor-thin majority McCarthy has to work with. But the debt ceiling looms, so it is now "put up or shut up" time for McCarthy's Republicans.

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House Speaker Kevin McCarthy just made his opening bid in the high-stakes poker game he wants to play with President Joe Biden over raising the debt ceiling. Biden's position from the start has been that America can't afford playing games with the full faith and credit of the United States on the table, and he has called on McCarthy to play exactly the same game of poker that gets played every year, but with only the usual stakes -- which, at worse, might lead to a temporary government shutdown. Biden wants a clean bill to raise the debt ceiling from Congress and then he will be open to holding negotiations for the annual federal budget (which is an entirely separate matter).

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On one of the last days of the year 1170, an English king seems to have begun a long tradition of what might now be known as "mobspeak." Like unto a mobster capo who is cautious about saying or ordering his minions to do specific things which he might later be found guilty of, King Henry II -- speaking about a man who was a powerful rival at the time, Archbishop of Canterbury Thomas Becket -- uttered the ultimate in "deniability" to his knights. The wording is in doubt, since this all happened a very long time ago, but the most common phrasing known today is: "Will no one rid me of this turbulent priest?" We personally prefer the version that calls him a "meddlesome priest" instead, just for the Scooby Doo vibe, but the only account written by a contemporary of Henry worded it (in Latin): "What miserable drones and traitors have I nurtured and promoted in my household who let their lord be treated with such shameful contempt by a low-born cleric!" This version, we feel -- with only slight modernizations of the language -- could easily have been uttered by Donald Trump. It includes shaming his own followers ("miserable drones and traitors") for being insufficiently loyal and fervent in his defense, a personal playground insult to the object of his wrath ("low-born cleric"), as well as overdramatizing his own victimhood ("treated with such shameful contempt"). The whole statement is downright Trumpian, when you think of it.

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We have to warn everyone up front here that this week's Friday Talking Points column is not going to follow the normal format. Most of it is actually going to review the speech that President Joe Biden gave yesterday in Philadelphia, Pennsylvania. Biden went to Philly to introduce his annual budget proposal, which was publicly released just before he spoke.

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President Joe Biden released his third budget proposal today. It is an opening bid which both lays out Biden's negotiating position in the upcoming showdown with congressional Republicans. But it also unveils a policy blueprint for Biden's yet-to-be-announced re-election campaign. Biden used his budget to showcase his unfinished agenda -- much of which was included in his earlier "Build Back Better" proposal -- and indicate where his political priorities lie. It is a promise to the American people what Biden will be fighting for, whether for the next two years or the next six.

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