Never take a hostage you are not willing to shoot, according to the first rule of political bargaining. That is a piece of advice that House Republicans should think about as they get ready for a pivotal debate with President Biden over lifting the federal borrowing limit. On Thursday, the U.S. will approach its maximum on gross federal debt of $31.4 trillion, and the Treasury is taking exceptional measures that, based on the current revenue trajectory, could prevent default until the spring. Speaker Kevin McCarthy has vowed to his constituents that he won’t propose raising the cap without President Biden…
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