ICYMI, the Washington Post released a scathing Editorial about Congressional Republicans’ continued refusal to take action to suspend the debt limit, despite Democrats joining them for bipartisan votes to protect America’s full faith and credit and prevent global financial crises three times during the Trump Administration. As business groups, civic leaders, and financial experts caution against Republicans’ political games and their potential economic harm to millions of American workers and families, the Washington Post lays it out in the title alone: This shouldn’t be hard: Republicans must help the U.S. avoid default
In case that wasn’t blunt enough, here’s more from what the Editorial Board had to say about Republicans playing political games with America’s financial obligations:
“Congressional Democrats released a stopgap funding bill Monday that would keep the United States from defaulting on its debts. A vote in favor, in other words, is a vote for sanity. Unfortunately, there may not be 10 Senate Republicans on the sane side of the issue.”
“The measure would fund the federal government until December. Failing to approve it would shut the government in the middle of a resurgent pandemic. But that would be nothing compared with the calamity that would occur if another key element failed to pass Congress: suspending the federal debt limit until December of next year.”
“A cap on the amount of debt the United States can incur, the debt limit does not authorize any new spending; it just allows the government to finance spending Congress already has approved. Because federal revenue comes in waves, and because the United States runs a deficit, the government can rely for only so long on its monthly income. The treasury must issue bonds to cover the gap between what Congress has promised to pay and the government’s means to pay it. Dealing with the debt limit is typically a bipartisan exercise, in part because failing to do so would be catastrophic.”
“Republicans have been enthusiastic participants in running up the debt, with both tax cuts and covid-19 relief, receiving Democratic support to suspend the debt limit during the Trump years. Yet Senate Minority Leader Mitch McConnell (R-Ky.) insists that Republicans will not help Democrats raise or suspend the debt limit.”
“Lawmakers can horse-trade, argue and obstruct on other issues, but on the fundamental question of whether the federal government will make good on its obligations, there should be no questions, objections or conditions: It should pass 100 to zero in the Senate. Stewing in the minority, Republicans may feel as though the Democrats must offer them something. No; the good of the nation should be enough motivation for them to act. The full faith and credit of the United States is not a political plaything.”
In case that wasn’t blunt enough, here’s more from what the Editorial Board had to say about Republicans playing political games with America’s financial obligations:
“Congressional Democrats released a stopgap funding bill Monday that would keep the United States from defaulting on its debts. A vote in favor, in other words, is a vote for sanity. Unfortunately, there may not be 10 Senate Republicans on the sane side of the issue.”
“The measure would fund the federal government until December. Failing to approve it would shut the government in the middle of a resurgent pandemic. But that would be nothing compared with the calamity that would occur if another key element failed to pass Congress: suspending the federal debt limit until December of next year.”
“A cap on the amount of debt the United States can incur, the debt limit does not authorize any new spending; it just allows the government to finance spending Congress already has approved. Because federal revenue comes in waves, and because the United States runs a deficit, the government can rely for only so long on its monthly income. The treasury must issue bonds to cover the gap between what Congress has promised to pay and the government’s means to pay it. Dealing with the debt limit is typically a bipartisan exercise, in part because failing to do so would be catastrophic.”
“Republicans have been enthusiastic participants in running up the debt, with both tax cuts and covid-19 relief, receiving Democratic support to suspend the debt limit during the Trump years. Yet Senate Minority Leader Mitch McConnell (R-Ky.) insists that Republicans will not help Democrats raise or suspend the debt limit.”
“Lawmakers can horse-trade, argue and obstruct on other issues, but on the fundamental question of whether the federal government will make good on its obligations, there should be no questions, objections or conditions: It should pass 100 to zero in the Senate. Stewing in the minority, Republicans may feel as though the Democrats must offer them something. No; the good of the nation should be enough motivation for them to act. The full faith and credit of the United States is not a political plaything.”