Ossoff: Default Threat ‘Already Doing Damage’ But I Won’t Criticize Biden for Refusing to Negotiate

On Friday’s broadcast of Bloomberg’s “Sound On,” Sen. Jon Ossoff (D-GA) stated that the threat of default “is already doing damage to the U.S. economy and to the long-run financial credibility of U.S. sovereign commitments.” But refused to criticize President Joe Biden for refusing to engage on the debt ceiling because “There is a huge amount at stake here, far beyond routine politics and routine punditry.” Ossoff also denounced the “reckless financial brinksmanship” of Republicans.

Ossoff said, “I think the bottom line here is that threatening financial cataclysm as a legislative tactic — and that’s what the House majority is doing in these cases — is an unsound way to govern. … And what we should be doing is, rather than, through a crisis of choice, threatening a default on U.S. sovereign obligations — and that, as you know, doesn’t mean a government shutdown, it means a massive financial shock, likely recession, likely global recession, huge negative impacts on U.S. households and businesses — rather than engaging in that kind of reckless financial brinksmanship, what I would expect a mature House majority to do is to go through the federal budget process and work out compromises and common ground that way.”

He added, “[T]he threat of default as a legislative negotiating tactic is already doing damage to the U.S. economy and to the long-run financial credibility of U.S. sovereign commitments.”

Co-host Joe Mathieu then asked, “Do you wish the President had engaged earlier, or do you like the way he’s handled himself through this whole process, Senator?”

Ossoff responded, “This is a delicate situation, Joe, and so, with great respect to you, I’m not going to gainsay or give play-by-play commentary on the tough decisions that negotiators are making in order to responsibly govern the country and ensure that the U.S. makes good on its sovereign obligations. There is a huge amount at stake here, far beyond routine politics and routine punditry.”

Follow Ian Hanchett on Twitter @IanHanchett