What does raising the nation’s borrowing limit do? It affirms America’s promise to honor its debt obligations. That should be a lawmaker’s duty, not a concession. Letting the United States go into default for any reason would destabilize the global economy, with disastrous results for this country.
The right has made a specialty of threatening America’s commitment to make good on its bonds, notes and bills. Belief that the mighty United States stands behind its Treasury securities has made them among the safest investments in the world. And that has kept the interest we (the taxpayers) pay on them relatively low.
Democrats and Republicans used to routinely approve increases in the debt ceiling. Republicans made no trouble during the George W. Bush years when the national debt doubled.
Then Barack Obama became president, and Republicans decided to play games with America’s pledge to pay back what it owed.
In 2011, they drove the U.S. so close to default that the stock market plunged, consumer confidence collapsed and Standard & Poor’s lowered America’s credit rating. The stunt cost taxpayers billions.
To discourage another debt ceiling showdown three months hence, Treasury Secretary Steven Mnuchin and budget director Mick Mulvaney refused Republican entreaties to commit in advance to spending cuts.
Republicans booed Mnuchin and Mulvaney. Of course, nothing would stop them from attacking government spending the old-fashioned way, through budgeting. They have a majority in the Senate, a majority in the House and a Republican in the White House, after all. They might have to work with Democrats on some details, but life is so unfair.
Politico had one top Republican, unnamed, saying Trump had handed “a loaded gun” to Nancy and Chuck.
For all this self-pity about arming the opposition, it needs repeating that Republicans are chiefly responsible for having weaponized the debt ceiling. Their chief complaint, really, is that by removing it from partisan play, they can no longer take “the full faith and credit of the United States” hostage.
Froma Harrop is a columnist for Creators.com. Email: fharrop@gmail.com