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Any “build back” rhetoric must address this dysfunctional conflagration of faults, but it is unlikely to happen. We all know the reasons, but who among us is willing to do anything about those?
Will someone please point out to House Speaker Kevin McCarthy (R-Calif.) and his colleagues that all appropriations bills must originate in the House, and that if he really wants to cut services to balance the budget, all he has to do is find a majority of his colleagues who are willing to take the heat for the cuts in the next budget?
But perhaps it is easier to sidestep this challenge and blackmail President Biden with the threat to the debt ceiling and get him to take the heat.
The April 28 news article “Biden reiterates refusal to negotiate on debt limit as pressure mounts” quoted White House press secretary Karine Jean-Pierre as saying, “Avoiding default is Congress’s responsibility.” She nailed it!
It is Congress that is responsible for how much money the government spends. Congress is also responsible for writing the tax laws that control how much money the government brings in. When government spending is more than its income, that is entirely Congress’s responsibility. The debt ceiling is an arbitrary construct created by a law passed by, you guessed it, Congress. At least one part of the original motivation for the debt ceiling was to stiffen Congress’s collective spine to deal with a much smaller debt problem than we have now. Obviously, that idea did not work out.
Now Republicans have weaponized the debt ceiling by threatening to do massive damage to the entire world economy, decrease America’s standing on the world stage and possibly endanger the role of the U.S. dollar as the world’s reserve currency.
My humble suggestion is that President Biden hold firm and not negotiate with extortionists. And if Republicans do follow through on their threats, then just ignore the debt ceiling and honor the debts that Congress has racked up, as the Constitution requires. Then, if you can find any reliable Republican partners, work together responsibly to come up with a plan to deal with the debt. Otherwise, there is always 2024, when we as a country need to kick every single MAGA Republican out of office so our government can get back to actually governing instead of performing to get attention and, of course, campaign contributions.
It appears that Democrats in the Senate and the White House are posturing on the debt ceiling and refusing to move ahead. Despite the attempt by some in the media to portray this crisis as Republican intransigence, Democrats are being stubborn and refusing to negotiate. If the country defaults because of that, it will be known as the Biden default.
Maybe some economists should be calling Democrats.
Jerry Barrett, Chevy Chase
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