Larry Summers Says GOP Lawmakers Walking Out Of Debt Limit Talks Is 'Part Of Playbook:' Why 14th Amendment Not 'Right Tactic'

The debt ceiling stalemate continues as Republican lawmakers walked off the discussion table on Friday only to join back in the evening. President Joe Biden and Treasury Secretary Janet Yellen have warned of serious consequences if a debt deal is not reached.

Against the backdrop, former Treasury Secretary Larry Summers weighed in on the wrangling between the Republican and Democratic parties.

What Happened: "I wish it hadn't happened, but I'm not surprised," Summers said in an interview with CNN, referring to the temporary pause in talks.

"There is always posturing in these talks and walking out … is a kind of posturing," he said.

For both sides of the aisle, there appears to be a need from each side to feel like they negotiated as hard as they possibly could, and for House Speaker Kevin McCarthy (R-Calif), it is all the more important, Summers said. This is especially because of the "fanatics" that are in some parts of the caucus, he said.

"So, walking out of the talks at least once as leverage and bluster is probably part of the playbook," he said.

Summers added that it is in the mutual interest of everybody — more importantly, in the massive interest of the country — to reach a deal so that some kind of experimentation of what a default could look like wouldn’t need to be implemented.

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14^th Amendment Not Viable Solution: Summers also suggested that Biden invoking the 14^th Amendment, which allows the country to keep paying off debts without Congressional approval, is not a viable solution.

"The very substantial majority of legal opinion is that this would be a highly problematic course," the former treasury secretary said. People would also know that it would be open to challenge in the courts, he said.

"I think under those circumstances, everything about the finances of the United States would come under a cloud. So I think that would not be the right tactic," Summers said, noting that the debt ceiling impasse should be worked through a normal process.

When Will A Resolution Come? In order to scare both sides into reaching a solution, "we need to get closer to the brink," Summers said.

"There needs to be a broader understanding of that that we are past a certain point … you really are doing a real damage to the country and you can't buy more time," he said.

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Photo: Chatham House via flickr