The latest from cptime : 'After four months of political wrangling, eyeball-to-eyeball negotiations and mounting anxiety in both parties about the 'debt ceiling,' Congress finally has found enough common ground to pay its bills.'
Opinion content—editorials, columns and guest commentaries—is created independent of news reporting and is exclusive to subscribers.As seen through a window, President Joe Biden addresses the nation on the budget deal that lifts the federal debt limit and averts a U.S. government default, from the Oval Office of the White House in Washington, June 2, 2023.
Refusal by McCarthy and his House GOP Republican colleagues in recent months to raise the federal debt ceiling on spending the government already has incurred would be like refusing to pay for what you already owe.Keeping that up can result in bankruptcy or worse If they persisted in this refusal, they’d end up in bankruptcy, or perhaps in jail for fraud. Refusing to meet your debt obligation should be like spending past the national debt limit.
Fortunately, with just days to go before the big collapse, the Republican-controlled House overwhelmingly passed a debt ceiling deal forged by McCarthy and President Joe Biden. McCarthy and other Republicans were not willing to destroy the economy by forcing a default or imposing job-killing spending cuts. But they were willing in the end to rally the moderates and leave the furthest-right extremists on the sidelines just enough to get the job done.
Of course, taking the longer view, it is easy to see that the debt ceiling bill should never have been necessary. Congress should be able to, as a routine matter, authorize the borrowing of money it had already told the Treasury to spend.
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