Biden adviser talks about debt ceiling

WASHINGTON — A White House economic adviser said negotiations over raising the U.S. debt ceiling are an “absolute nonstarter” for President Joe Biden, though he’s ready to discuss spending with congressional Republicans.

“There is a separate set of discussions and negotiations over fiscal policy,” Jared Bernstein, a member of Biden’s Council of Economic Advisers, said on “Fox News Sunday.” “We have our budget, we want to see what Republicans have.”

“That’s the discussion that the president is anxious to have with Republicans,” he said. “But the problem is, they really need to bring a plan to the table.”

Congressional Republicans have said they want federal spending cuts in exchange for raising the limit. If Congress doesn’t increase the ceiling by some time in June, the U.S. risks defaulting on its debts.

“The negotiation over the debt ceiling, over default, is an absolute nonstarter for this president,” Bernstein said.

By law, the federal government’s debt cannot exceed $31.4 trillion, a cap that was reached Jan. 19. The Treasury has said it can hold out at least through early June by using special accounting maneuvers.

Former Treasury Secretary Lawrence Summers said Biden should stand firm against hardline Republicans who are linking a debt ceiling increased to spending cuts.

“Fifteen people can’t stop the debt limit, unless 210 other Republicans are committed to vote with them,” Summers said Sunday on CNN’s “Fareed Zakaria GPS.” “It only takes a few responsible Republicans for the Democrats and some Republicans to raise the debt limit.”