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The NY Times editorial board "both-sides" the debt limit "negotiations" [1]
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Date: 2023-05-09
Yes...
..Republicans who have seized on debt ceiling votes as useful leverage are playing a dangerous game. And it has become more dangerous over time because the repeated rounds of chicken have emboldened some to doubt that hitting the ceiling would cause a crisis. This is highly irresponsible. As most members of Congress profess to understand, Treasuries are regarded around the world as the nearest thing to a risk-free investment, and investor confidence that the United States will repay its debts does not just provide a safe harbor for investors; it is also the basis of a wide range of other transactions. A blow to that confidence would have far-reaching economic consequences for America’s central role in shoring up the global financial system.
But…
..But there is a difference between talking about the federal debt and talking about the debt ceiling. Congress has an obligation to pay what is already owed, but the president and congressional Republicans ought to spend more time talking with each other about the scale of future borrowing. Still, Democrats may also have to accept that, having failed to get rid of the debt ceiling last year, a future deal with this Republican House will require some spending cuts, too. Democrats could have voted to eliminate the debt ceiling between the fall elections and January, when Republicans took control of the House, or they could have voted to provide the government with sufficient borrowing capacity until the next congressional elections in 2024. Instead they chose this confrontation. Mr. Biden last fall labeled proposals to eliminate the debt ceiling “irresponsible.” Other Democrats appeared to relish the politics of a fight. Now they are facing the consequences, which will most likely include the partial reversal of legislative victories won during Mr. Biden’s first two years.
Seriously? So it’s all the Democrats fault? Democrats set this up because they are relishing a fight?
The Times almost gets it right. If Democrats don’t fight GOP blackmail, they’ll be back with more demands. To quote someone who understands the Republican Mind:
“My offer is this. Nothing.”
[END]
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[1] Url:
https://www.dailykos.com/stories/2023/5/9/2168351/-The-NY-Times-editorial-board-both-sides-the-debt-limit-negotiations
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