Speaker of the House Kevin McCarthy, facing the same intransigence within his caucus that has been present since the rise of the Tea Party, issued a laughably empty threat today. The headline in the Washington Post read: "House GOP Eyes Bill To Cut Spending, Raise Debt Ceiling Amid Stalemate." In poker terms, this is nothing short of a monstrous bluff. It is so far removed from the reality of the situation that the only real response from President Joe Biden and the Democrats should be: "Go right ahead -- please don't let us stop you!"

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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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Although the American news media hasn't paid it a whole lot of attention, Israel now seems to be teetering on the brink of an existential crisis over what form of government it is going to have -- one geared towards democracy and checks and balances, or one headed in a much more authoritarian direction. While international news is routinely given short shrift in America (unless our own troops are somehow involved), what seems striking to me are the parallels between what Benjamin Netanyahu is currently attempting to do and what a second Donald Trump presidential term might look like here.

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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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The House of Representatives tried to override President Joe Biden's first veto today, but the effort failed in a 219-200 vote -- far short of the two-thirds necessary to override (290 votes in a full House). This was the first-ever veto from Biden, on a bill Republicans had convinced a few Democrats to cross the aisle for. The bill itself would have changed a rule from the Labor Department to remove the freedom of conscience in the investment world. To put it another way, Republicans wanted a Big Government solution to a problem that essentially only exists within their own minds. Most Democrats were right to oppose imposing ideological limitations on what pension fund managers can and cannot do, and President Biden was right to veto it.

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In the past few days, two large American banks have failed. Everyone in the financial world is now holding their collective breath, hoping that this will be the full extent of the damage and that we won't see more banks shutter their doors as well. The bank failures (even if they stop at two) will have other widespread economic consequences as well. This all might just convince the Federal Reserve not to hike interest rates another half a percent when they meet next week (which was anticipated by many) and instead leave them where they are for now. Rising interest rates played a role in the failure of Silicon Valley Bank, the first to fail. There will likely be political fallout as well, as Congress holds hearings and investigates and possibly even passes some changes to the banking laws. This would be appropriate, since the real reason these banks failed is that they were allowed to run too much risk.

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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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President Joe Biden is reportedly going to unveil his budget proposal tomorrow. Like any White House budget proposal, it will contain both some good ideas and some bad ideas, and it will be argued about by both sides of the political divide. Progressives will argue it doesn't contain enough of their agenda items, moderate Democrats will argue it contains too many progressive ideas, and the Republicans will try to demonize it as the worst idea anyone has had since the dawn of time. Also, like all presidential budgets, it will not pass Congress intact -- not by a long shot. The House and the Senate will want to pass their own budgets, and at most they'll co-opt a few ideas from Biden's budget while charting their own course on much of it. But politically, Democrats will have a window of time where they will be able to make a potent point: something is better than nothing.

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Apparently, there was a big murder trial down South that culminated this week, but we have to admit that since it wasn't an overtly political case, we just didn't pay much attention to it. Instead, as always, we had our nose to the grindstone of sifting through the week's political news so that you don't have to. In other words: Welcome to another installment of Friday Talking Points!

We're going to start this week with some good news. Not great news, mind you, but pretty good nonetheless. A spate of actual bipartisanship broke out in the Senate this week and with amazing speed (for Congress in general and for the Senate in particular) they came up with proposed legislation that might actually have a chance of passing. Well, passing the Senate at least, since nobody has any clue of what the GOP House will do these days.

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