{"id":574397,"date":"2023-05-13T14:37:48","date_gmt":"2023-05-13T11:37:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/how-the-2023-drama-is-100-different-than-2011-video\/"},"modified":"2023-05-13T14:37:48","modified_gmt":"2023-05-13T11:37:48","slug":"how-the-2023-drama-is-100-different-than-2011-video","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/how-the-2023-drama-is-100-different-than-2011-video\/","title":{"rendered":"#How the 2023 drama is \u2018100% different\u2019 than 2011 [Video]"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a357d8661eac\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a357d8661eac\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/how-the-2023-drama-is-100-different-than-2011-video\/#Similarities_and_differences\" >Similarities and differences<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/how-the-2023-drama-is-100-different-than-2011-video\/#Changes_to_the_political_landscape\" >Changes to the political landscape<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/how-the-2023-drama-is-100-different-than-2011-video\/#The_legacy_of_2011\" >The legacy of 2011<\/a><\/li><\/ul><\/nav><\/div>\n<div>Many in Washington and Wall Street are looking to 2011 as a reason not to freak out about the current debt-ceiling standoff. That year, a similar crisis ended with a last-minute agreement.<\/p>\n<p>Investors \u201care thinking, I&#8217;ve seen this movie many times before and I know the end of it,\u201d Moody&#8217;s Analytics chief economist Mark Zandi said.<\/p>\n<p>But should investors really be so sanguine? Maybe not, according to Mike Sommers, who had a front-row seat to the drama in 2011 as chief of staff for then-Speaker John Boehner.<\/p>\n<p>This year\u2019s showdown, he said, \u201cis 100% different,\u201d adding: \u201cI just don&#8217;t know where the deal space is here.\u201d<\/p>\n<p>Several key factors that were in place during 2011 are missing this time around. Back then, the talks began much earlier and there was a different political environment and mutual agreement from the get go that deficit reduction was a top priority for both sides.<\/p>\n<p>President Obama and Boehner also <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a>ized in their off hours, making dealmaking a little easier.<\/p>\n<p>\u201cWe had a willing dance partner in President Obama who understood that the political dynamics changed significantly in 2010 and that he needed a deal on this,\u201d said Sommers, who is now the CEO of the American Petroleum Institute.<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 769px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:62%;\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"President Barack Obama meets with House Speaker John Boehner of Ohio, left, in the Cabinet Room of the White House, Saturday, July 23, 2011, in Washington, to discuss the debt. (AP Photo\/Carolyn Kaster)\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/Ak.2xiBzQwvvkIvammSFTg--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD03Njk-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/ffda2d033cb55f1b39f0969696b2d838\"><noscript><img decoding=\"async\" alt=\"President Barack Obama meets with House Speaker John Boehner of Ohio, left, in the Cabinet Room of the White House, Saturday, July 23, 2011, in Washington, to discuss the debt. (AP Photo\/Carolyn Kaster)\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/Ak.2xiBzQwvvkIvammSFTg--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD03Njk-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/ffda2d033cb55f1b39f0969696b2d838\" class=\"caas-img\"><\/noscript><\/div>\n<\/div>\n<\/div><figcaption class=\"caption-collapse\">President Barack Obama and House Speaker John Boehner meet in the Cabinet Room of the White House on July 23, 2011. (AP Photo\/Carolyn Kaster)<\/figcaption><\/p>\n<\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Similarities_and_differences\"><\/span><strong>Similarities and differences<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Both the current standoff and 2011 are similar in one respect: They feature a Democratic president on the eve of a re-election bid facing off against a newly ascendant House GOP majority intent on curbing what they see as his excesses.<\/p>\n<p>But those 2011 talks began early and after Obama had <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:1;pos:1\" href=\"https:\/\/obamawhitehouse.archives.gov\/the-press-office\/executive-order-national-commission-fiscal-responsibility-and-reform\" data-ylk=\"slk:established the Bowles-Simpson Commission a year earlier;cpos:1;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\">established the Bowles-Simpson Commission a year earlier<\/a> with a mission of finding a balanced budget.<\/p>\n<p>Those talks also featured a completely different personal dynamic between the leaders. Obama and Boehner saw each other again and again in the months that led up to that deal, from the formal meetings to golf outings.<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 835px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:67%;\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"US House Speaker John Boehner (2nd R) putts on the first hole watched by Ohio Governor John Kasich (L), US Vice President Joe Biden (2nd L) and US President Barack Obama (R) during a game of golf June 18, 2011 at Andrews Air Force Base in Maryland. AFP PHOTO\/Mandel NGAN (Photo credit should read MANDEL NGAN\/AFP via Getty Images)\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/zxrQ2WJgKrWCxZ7_iPulRA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04MzU-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/3fed0374ddd11e4c989fa906c57e2dd6\"><noscript><img decoding=\"async\" alt=\"US House Speaker John Boehner (2nd R) putts on the first hole watched by Ohio Governor John Kasich (L), US Vice President Joe Biden (2nd L) and US President Barack Obama (R) during a game of golf June 18, 2011 at Andrews Air Force Base in Maryland. AFP PHOTO\/Mandel NGAN (Photo credit should read MANDEL NGAN\/AFP via Getty Images)\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/zxrQ2WJgKrWCxZ7_iPulRA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04MzU-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/3fed0374ddd11e4c989fa906c57e2dd6\" class=\"caas-img\"><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">House Speaker John Boehner putts during a golf outing alongside Ohio Governor John Kasich, Vice President Joe Biden, and President Barack Obama in June 2011 (MANDEL NGAN\/AFP via Getty Images)<\/figcaption><\/p>\n<\/figure>\n<p>By contrast, President Biden and Speaker McCarthy have only been in the same room a handful of times in 2023 and their interactions have more often been notable for heated remarks and personal acrimony.<\/p>\n<p>Staff meetings also only began in recent days as the leaders belatedly try to <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:2;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/whats-on-the-table-of-the-us-debt-ceiling-talks-155324847.html\" data-ylk=\"slk:find their way to a bipartisan deal;cpos:2;pos:1;elm:context_link;itc:0;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link rapid-noclick-resp yahoo-link\">find their way to a bipartisan deal<\/a> against a very tight timeline.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Changes_to_the_political_landscape\"><\/span><strong>Changes to the political landscape<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The vast differences with 2011 are a result of shifts in the political landscape on both sides of the aisle. Some of those shifts are the result of how the 2011 crisis played out.<\/p>\n<p>For Biden, who was right in the middle of those earlier talks as a lead negotiator, things are different now precisely because the 2011 openness to negotiate was later seen by Democrats as a mistake.<\/p>\n<p>Veterans of the Obama administration have regularly expressed regret that they agreed to negotiate on something they say should be inviolable: the full faith and credit of the United States.<\/p>\n<p>The then-Vice President came out clearly looking for a different <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach in the future. \u201cI\u2019d be frustrated if I was sitting there as well,\u201d Biden said in August 2011 of his Democratic colleagues <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:3;pos:1\" href=\"https:\/\/www.c-span.org\/video\/?300845-1\/vice-president-biden-raising-debt-ceiling\" data-ylk=\"slk:even as he rounded up votes;cpos:3;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\">even as he rounded up votes<\/a> for the deal that eventually passed.<\/p>\n<p>This time around, Biden and his team may be sitting down to negotiate but they are still stretching some credulity by maintaining even the talks this week are actually negotiating on spending cuts more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly, not over the debt limit per se.<\/p>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 828px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:67%;\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"Speaker of the House Kevin McCarthy (R-CA) and US President Joe Biden wait for a meeting about the United States&amp;#39;s debt ceiling in the Oval Office of the White House May 9, 2023, in Washington, DC. Biden and Republican leaders met in hopes of breaking an impasse over the US debt limit. The lifting of the national debt ceiling  allows the government to pay for spending already incurred. (Photo by Brendan Smialowski \/ AFP) (Photo by BRENDAN SMIALOWSKI\/AFP via Getty Images)\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/yFlXwrsYLVCDNo4iJKQA2w--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/2b11eab9f00ef22f1b8f1c2d26a58530\"><noscript><img decoding=\"async\" alt=\"Speaker of the House Kevin McCarthy (R-CA) and US President Joe Biden wait for a meeting about the United States&amp;#39;s debt ceiling in the Oval Office of the White House May 9, 2023, in Washington, DC. Biden and Republican leaders met in hopes of breaking an impasse over the US debt limit. The lifting of the national debt ceiling  allows the government to pay for spending already incurred. (Photo by Brendan Smialowski \/ AFP) (Photo by BRENDAN SMIALOWSKI\/AFP via Getty Images)\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/yFlXwrsYLVCDNo4iJKQA2w--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/2b11eab9f00ef22f1b8f1c2d26a58530\" class=\"caas-img\"><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">Speaker Kevin McCarthy and President Joe Biden during a meeting about the United States&#8217;s debt ceiling on May 9. (BRENDAN SMIALOWSKI\/AFP via Getty Images)<\/figcaption><\/p>\n<\/figure>\n<p>On the other side, Republicans look to 2011 as a model for how to use the debt ceiling as leverage but the political dynamics have changed there as well.<\/p>\n<p>This time around, the powerful conservative wing of the GOP caucus has driven the GOP to demand much more and given McCarthy much less room to negotiate.<\/p>\n<p>Last month, Republicans passed <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:4;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/house-republicans-pass-their-debt-ceiling-proposal-heres-whats-in-it-215855423.html\" data-ylk=\"slk:a sprawling proposal that is essentially a GOP wishlist;cpos:4;pos:1;elm:context_link;itc:0;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link rapid-noclick-resp yahoo-link\">a sprawling proposal that is essentially a GOP wishlist<\/a> not just focused on spending levels and deficits, but also addressing topics like tax policy, student loans and the Biden\u2019s administration\u2019s climate change policies.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_legacy_of_2011\"><\/span><strong>The legacy of 2011<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The 2011 crisis eventually ended just two days before the Treasury Department had projected the U.S. would run out of cash.<\/p>\n<p>It <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:5;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/why-debt-ceiling-deals-often-make-americas-debt-problem-worse-180342916.html\" data-ylk=\"slk:was the last time;cpos:5;pos:1;elm:context_link;itc:0;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link rapid-noclick-resp yahoo-link\">was the last time<\/a> a debt-ceiling agreement resulted in concrete deficit reduction. The Budget Control Act of 2011 led to $917 billion in deficit reduction over the following decade, according to the Committee for a Responsible Federal Budget.<\/p>\n<p>But it also came with steep costs. Markets swooned in the summer of 2011 and the brush with default led to the US receiving its first credit downgrade in history.<\/p>\n<p>Even with the memory of those costs, the concerns remain that both Washington and the financial sector are downplaying the chances of a default, an event that Treasury Secretary Janet Yellen <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:6;pos:1\" href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1470\" data-ylk=\"slk:said this week;cpos:6;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\">said this week<\/a> would mean \u201ceconomic and financial catastrophe.\u201d<\/p>\n<p>Mike Konczal, a director at the Roosevelt Institute, noted in a press briefing Monday that in looking at recent history \u201cI worry that the lesson [lawmakers] are taking is that a solution will show up at the last minute, as it did in 2011.\u201d<\/p>\n<p><em>Ben Werschkul is Washington correspondent for Yahoo Finance.<\/em><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:7;pos:1\" href=\"https:\/\/finance.yahoo.com\/live\/politics\/\" data-ylk=\"slk:Click here for politics news related to business and money;cpos:7;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\"><em>Click here for politics news related to business and money<\/em><\/a><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:8;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/\" data-ylk=\"slk:Read the latest financial and business news from Yahoo Finance;cpos:8;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\"><em>Read the latest financial and business news from Yahoo Finance<\/em><\/a><\/p>\n<p><span>Originally published <\/span><time class=\"caas-attr-meta-time\" datetime=\"2023-05-13T11:37:48.000Z\">May 13, 2023 at 1:37 PM<\/time><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.aol.com\/finance\/debt-ceiling-2023-drama-100-113748541.html\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many in Washington and Wall Street are looking to 2011 as a reason not to freak out about the current debt-ceiling standoff. That year, a similar crisis ended with a last-minute agreement. Investors \u201care thinking, I&#8217;ve seen this movie many times before and I know the end of it,\u201d Moody&#8217;s Analytics chief economist Mark Zandi&#8230;<\/p>\n","protected":false},"author":1,"featured_media":574398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/FEy9y.xedUwnLvS4lsaxgQ--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyMDA7aD0xMDk3\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/f4ac35cb962d3f2408e7605cdf2eadb7","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-574397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/574397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=574397"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/574397\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/574398"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=574397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=574397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=574397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}