In 2011, then Vice President Biden and then Senate Majority leader Mitch McConnell negotiated a deal to raise the debt ceiling at the last minute. As a result, the economy was saved, but millions of dollars in investments were destroyed and the entire US credit rating was downgraded.
Now, the full faith and credit of the nation is once again in question, and every day that Congress refuses to raise the nation's borrowing limit brings more economic pain, uncertainty, and the risk of default. The legislation passed by the House is not a serious deficit reduction bill, and is in fact an attempt to take the global economy hostage in exchange for a repeal of The Inflation reduction Act. The proposals being negotiated by the White House and Senator Manchin as conditions for raising the debt ceiling - permitting reform, clawing back of unspent COVID relief funds, and more - will do very little to reduce the deficit, or balance the budget. But opportunities to raise revenue, reduce spending, and more do exist through the regular budget process.
I am urging Republicans—and Congress in general—to abandon this zero-sum brinksmanship. Pass a clean bill through the US Senate to raise the debt limit on a bipartisan vote - as was done a number of times when President Trump was in office. And pursue plans to balance the budget, streamline the nation's permitting process, and reform our energy policy through the regular budget and committee process. Thanks.
First sent on May 11, 2023 by Jess Craven
