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There are strong parallels between the 1961 movie Hustler, the 1913 US Open, and the current debt ceiling negotiations.
Let me explain.
In either case, the real question is which competitor will succumb to the pressure and break out.
Biden sees debt ceiling as a standoff with Republicans, not a presidential obligation
In “The Hustler,” Paul Newman plays young pool shark Eddie Felton against the best pool player of our time, Minnesota Fats (perfectly played by Jackie Gleason). Champions are backed by a few big bucks, and there’s a lot of money involved. They are good pool players as well, but Gleason’s personality is more confident and Newman’s is less confident.
Finally, as the night progresses, the character of Newman succumbs to pressure and loses. Even though he played as well or better than Gleason in the early stages. The film is a portrait of a man who has fallen and failed and must pick himself up with the help of sympathetic people. Finally, he returns to fight the champion again. A key moment in the film is when Gleeson says, “I quit, Eddie, I can’t beat you.”
Francis Ouimet’s achievements are highlighted in Mark Frost’s book The Greatest Game Ever: Harry Vardon, Francis Ouimet and the Birth of Modern Golf. Although non-fiction, the story is so compelling that it was even made into an entertaining film of the same name.
In 1913, two of the world’s greatest golfers, both British, came to America to prove the superiority of British golf over American golf. Harry Vardon was the first modern professional golfer and was considered virtually invincible. They decided to prove their dominance at the US Open at the Brookline Country Club in Massachusetts.
A 20-year-old former club caddy has emerged as a national hero in an amazing story that is, in some ways, quintessentially American. In an 18-hole playoff, he beat the world’s greatest golfers. He won $300. More importantly, he popularized golf in America and surprised the British golf elite.
What is the debt ceiling and what does it mean for you?
The key moment of the match was when Vardon turned to his partner and told Ouimet he wasn’t going to break down mentally. He’s as good as we are and we can’t beat him. Like Minnesota Fats in Poole, Vardon always relied on pressure to beat his opponents. He was a great golfer, but he was also a great researcher of human psychology.
As I watched House Speaker Kevin McCarthy (R-CA) debate forcefully with White House reporters after Tuesday’s debt ceiling meeting with President Biden and other congressional leaders, I heard those two stories. I remembered. I was struck by how the two countries are approaching the debt ceiling negotiations.
McCarthy noted that he had been advocating for serious negotiations for the past 97 days. President Biden has avoided serious negotiations and has insisted he wants the debt ceiling raised without modification.
When House Republicans passed the Limit, Conserve, and Grow Act on April 26, it shocked the Washington establishment, especially President Biden. Democrats expected a narrow Republican majority in the House, making it impossible for Republicans to pass the debt ceiling without Democrats’ help. I thought they would just help pass the bill without any amendments, so we would have a so-called clean debt ceiling increase (see my newsletter). Why a clean debt ceiling bill is actually the dirtiest debt deal).
Until April 26th, I believed Democrats held all the cards. They thought the House Republicans would fail. The elite media will blame the Republican Party. Panicked Republicans will agree to whatever President Biden wants to do regarding the debt ceiling.
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Thus, the passage of the “Limit, Conserve and Grow Act” changed history. Suddenly, House Republicans passed the only bill that could raise the debt ceiling and avoid defaults. Senate Majority Leader Chuck Schumer (New York) was busy attacking the Republican Party, but it suddenly became clear that Schumer could not pass anything or bring anything to the negotiating table. Similarly, House Minority Leader Hakeem Jeffries (DN.Y.) had just lost and was unable to bring anything to the agenda.
In a surprising political move, Senate Minority Leader Mitch McConnell (R, Kentucky), a veteran of debt limit battles, stepped back in public and House Speaker McCarthy took the lead on the debt limit. said he had obtained the right to take possession of McConnell, along with 42 of his colleagues, signed a letter written by Senator Mike Lee (R-Utah) on the debt ceiling saying Schumer would not get the 60 votes needed to close the Senate. bottom.
Now the Biden administration and Congressional Democrats are facing a new and unexpected reality. Republicans in Congress backed McCarthy and called for spending cuts and reforms as part of raising the debt ceiling.
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After 14 weeks in vain, the Biden administration finally saw reality and began negotiations.
Having watched Speaker McCarthy live the 15-vote marathon to become Speaker of the House, I’m sure who can stay merry and confident, and who will realize he can’t beat them? there is
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