The GOP’s debt ceiling game of chicken
House Republicans led(?) by Speaker Kevin McCarthy refuse to raise the debt ceiling without conditions. Given their lax attitudes toward punishing insurrection and attacks on their own legislative chambers, it hardly seems beyond the pale that asking “Would they or wouldn’t they?” regarding defaulting on the national debt seems as quaint as asking if the Bush administration would torture prisoners. It would throw markets and the economy into chaos. But then, their party is now defined by that condition.
“His caucus is willing to allow the United States to default on its debt to force budget cuts,” the Washington Post Editorial Board notes:
It is foolish to gamble with the full faith and credit of the U.S. government at any time. It’s madness to do so now, at a fragile moment for the financial system. Have lawmakers learned nothing from the 2011 standoff that resulted in higher borrowing costs and a lower U.S. credit rating? Back then, the two sides got close to the edge and there were hefty costs.
Republicans are performing their regularly scheduled handwringing over the debt their servicing of financial elites has run up. Once a Democratic administration retakes the White House, a Republican’s thoughts turn to which Americans’ lives they might immiserate in the name of personal responsibility and budgetary restraint. They were never serious (in an adult sort of way) about deficits when in power. What they are serious about is ensuring government spending flows only into the right pockets.
“House Republicans have a habit of making it sound as if the budget can be fixed merely by trimming food stamps, Medicaid and other aid programs,” the Board observes. “That’s not mathematically possible.” But it is politically desirable. The “indolent” working poor must be punished as much as the indolent rich must be serviced.
McCarthy and his MAGA kin have already proven willing to burn it all down if they don’t get their way. Even before Trump. Why not now?
Thus, the GOP’s demand for a 22 percent cut to non-defense programs.
Since McCarthy cannot control his caucus, he’s resorted to theater “not even worthy of a high school gym,” writes E.J. Dionne:
That 22 percent would mean, to take just a few of her examples, 30 million fewer veteran outpatient visits; layoffs of 108,000 teachers in schools with low-income students and kids with disabilities; 200,000 fewer children in Head Start; and 180,000 children losing access to child care. And right-to-lifers take note: “1.7 million women, infants, and children would lose vital nutrition assistance through the Special Supplemental Nutrition Program for Women, Infants, and Children.”
Because Republicans don’t get specific, they can deny they want to do any of these things. But that’s why Congress should just pass the debt-ceiling increase and move the debate to specific budget choices and their impact. (By the way, don’t be surprised if, by the time you read this, McCarthy has exempted various groups from cuts, notably veterans.)
There is other bad stuff in the bill. The Center on Budget and Policy Priorities notes that the proposal’s Medicaid work requirements would put more than 10 million people at risk for losing their health coverage. It would eliminate many of Biden’s clean energy incentives. And, as my colleague Catherine Rampell pointed out, the bill would actually increase the deficit by slicing Internal Revenue Service funding, hemming in its efforts to collect from rich tax cheats.
But then, rich tax cheats are on the “nice” list. Veterans, children, the disabled, teachers, etc. fall on the “naughty” side of the GOP’s ledger.
The word draconian comes to mind. A quick search traces its roots to Draco, “a legislator in ancient Athens who gave severe punishments for crimes, especially the punishment of being killed.” Laws written in blood, legend has it. With special cruelty meted out for trivial crimes such as idleness. Or knocking on the wrong door, driving up the wrong driveway, having your ball roll into a neighbor’s yard.
Give them this, the GOP knows its base.