WASHINGTON — In several exchanges that reflected the increasingly tense atmosphere
President Joe Biden has escalated his public battle over the debt ceiling, specifically targeting Wall Street, and Democratic lawmakers appeared to be following his lead.
Yesterday, Biden accused Republicans of "holding the economy hostage"
At the hearing, a spat over time allotted over the typical five minutes given to each member of a committee for questioning — along with a point of parliamentary order over how it's appropriate to refer to other members of Congress — gave way to a rowdy argument between Democratic and Republican lawmakers.
Rep. Steven Horsford, D-Nev., used his time to try to draw parallels over the failed management of Silicon Valley Bank, Signature Bank and First Republic to the ongoing negotiations over the debt ceiling.
"I think that while we do our jobs examining Silicon Valley Bank and Signature Bank and First Republic Bank, we should actually do our job as Congress and avoid this major catastrophe that is weeks away," he said.
Rep. Ann Wagner, R-Mo., interrupted Hosford's comments with a point of parliamentary order after he referred to Senate minority leader Mitch McConnell's, R-Ky., role in stalling debt ceiling negotiations. But Rep. Bill Huizenga, R-Mich., who chaired the subcommittee hearing, didn't find Wagner's point valid. However, the exchange deteriorated as Horsford and Huizenga began speaking over each other.
"The chair will not accept this behavior," Huizenga said. "I let a line of questioning go for an answer that was along the line of the ranking member. I allowed you to have a full minute."
He continued: "I expect that we are going to behave as adults at this table as you are demanding that Congress act, so lead by example everybody."
Rep. Maxine Waters, D-Calif., ranking member of the full committee, continued to escalate the tone of the conversation.
"I would caution you not to imply that our members are not acting like adults," she said.
Huizenga said his comment was directed to "all sides."
"Let's present to the American people that we can actually act like adults at this table," Huizenga retorted.
Waters responded: "I think we are. We don't need you to admonish us."
Republicans, meanwhile, tried to pin down the hearing's sole witness, Michael Clements, director of financial markets and community investment at the GAO, on his
Specifically, Huizenga took issue with the Fed report's suggestion that
"I have no way to say if there was a culture shift in one way or the other," Clements said. "Again, we had the single meeting with the Fed [and] the issue of culture wasn't brought up. In fairness, we didn't ask it, but they didn't bring it up either."
"But it features prominently in their report that there was this culture shift," Huizenga said. "It seems a little odd to me that they would not have brought that up in your investigation."
