"The big story today is all the stuff that might possibly happen soon, or not," Stephen Colbert said on Wednesday's Late Show. "Take the debt ceiling. If Congress doesn't raise our country's borrowing limit by Oct. 18, the entire American economy will have a cataclysmic meltdown. It would be an easily avoidable, unthinkable act of self-destruction — so, highly likely."
Democrats are considering a series of evasive maneuvers, like axing the filibusters for debt-ceiling votes. And "possibly adjusting the filibuster rules has Mitch McConnell shaking in his orthopedic wingtips, so earlier today McConnell said his party would allow an extension of the federal debt ceiling into December," Colbert said. "They're willing to avoid blowing up the world's financial system — until Christmastime. So, everybody remember to ask Santa for a functional economy."
The Biden administration could also solve the crisis with a $1 trillion coin. "Now, I'm no U.S. Treasury expert, but please do it. Make the coin, and make it as big as a manhole cover," Colbert said. "Fill it with chocolate, and let the Democrats win it in a high-stakes game of dreidel." Also, he added, "I think there's something so fitting about Biden fixing this by just pulling a coin out of thin air."
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The Late Show also had some ideas on what the $1 trillion coin should look like.
The Tonight Show's Tariq Trotter cut Jimmy Fallon off when he started discussing the debt ceiling, but Fallon did discuss the spending part of the equation. "To get more moderate Democrats on board, President Biden is scaling back the spending in his $3.5 trillion economic plan," he said. "Biden is every person on a home renovation show. He's like, 'I want new countertops, a finished basement, and a remodeled bathroom, that's all. And the host is like, 'All right, your budget is $800.' 'Okay, I'll take a new shower head.'"
"The Democrats are fighting with each other over how to spend the government's money, and the Republicans don't want them to be spending any money," Trevor Noah said at The Daily Show. "As always, whenever there's a debate in America, the two sides retreat to their echo chambers," and "I'm guilty of that too." So he brought on his alter-ego/brothers, the right-wing "Trevarious" and lefty "Trey," to discuss the Democrats and their spending plan — and in the end, they did agree on one thing.
-
Russia slams Kyiv, hits government buildingSpeed Read This was Moscow's largest aerial assault since launching its full-scale invasion in 2022
-
China's Xi hosts Modi, Putin, Kim in challenge to USSpeed Read Chinese President Xi Jinping hosted Indian Prime Minister Narendra Modi, Russian President Vladimir Putin and other Asian leaders at an SCO summit
-
Russian strike on Kyiv kills 23, hits EU officesSpeed Read The strike was the second-largest since Russia invaded in 2022
-
UN votes to end Lebanon peacekeeping missionSpeed Read The Trump administration considers the UN's Interim Force in Lebanon (UNIFIL) to be a 'waste of money'
-
Israeli double strike on Gaza hospital kills 20Speed Read The dead include five journalists who worked for The Associated Press, Reuters and Al Jazeera
-
China is silently expanding its influence in American citiesUnder the Radar New York City and San Francisco, among others, have reportedly been targeted
-
Kyiv marks independence as Russia downplays peaceSpeed Read President Vladimir Putin has no plans to meet with Zelenskyy for peace talks pushed by President Donald Trump
-
Trump halts Gaza visas as Israelis protest warSpeed Read Laura Loomer voiced her concerns over injured Palestinian kids being brought to the US for treatment and a potential 'Islamic invasion'
