I have no idea what will happen if, as seems all too possible, we end up defaulting on debt payments because a Republican House refuses to raise the debt ceiling. But it’s not likely to be good. Who will trust the currency of a nation that appears to have politically lost its mind?–Paul Krugman
Today, Sarah Ferris and Jordain Carney of Politico reported that House speaker Kevin McCarthy and House Republicans continue to insist they will refuse to lift the debt ceiling unless they get massive spending cuts and policy changes. These are not normal budget negotiations, which Biden and the Democrats welcome, but a threat to let the U.S. default on its debt. Their willingness to hold the Treasury hostage until they get their way threatens to rip the foundation out from our global financial power.–Heather Cox Richardson
H.R.415 – End the Threat of Default Act has 42 cosponsors, all Democrats.
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