A Manufactured Debt Limit Crisis Is a Bad Gamble for Democrats

[Klaralven]

If the U.S. government defaults on its obligations because the statutory debt limit is breached later this month, it will be Mitch McConnell’s fault for filibustering a suspension of the limit. The blame will rightly be shared by the 49 other Republican senators who have gone along with his cynical and hypocritical insistence that Democrats use the cumbersome budget process to raise the debt ceiling without GOP support. (Republicans were perfectly willing to accommodate the debt run up during the presidencies of Donald Trump and George W. Bush.) Republicans are in the wrong here; there’s just no question about it.

On the other hand, “being right” will be cold comfort to the hordes of congressional Democrats who will almost certainly lose their jobs in 2022 if the economy collapses and/or goes into recession thanks to a debt default — not to mention the many millions of people whose lives will take a turn for the worse. “It was Mitch’s fault” is not going to protect Democrats, because voters typically hold the governing party (particularly if it has trifecta control of the White House and Congress, as Democrats do today) accountable for adverse conditions in the country regardless of who’s actually responsible.

I say this because congressional Democrats appear to be on the brink of going to the mat on the debt limit just 13 days before a debt default becomes not a distant threat but a reality. (Treasury Secretary Janet Yellen has warned that the nation will exhaust its federal borrowing capabilities on October 18. Her prophecies on this subject are self-fulfilling, since financial markets are not going to run the risk that she was exaggerating). If Chuck Schumer continues to refuse to start the ball rolling on a second FY 2022 budget resolution at some point in the next day or two, then that Democrats-only vehicle for increasing the debt limit will soon be off the table due to simple time constraints (since that path involves two separate votes preceded by the unlimited amendment period known as “vote-a-rama”). At that point the Democratic strategy would be a gamble that in the end McConnell will back down thanks to pressure from Wall Street or (hah!) an innate sense of decency and adult responsibility.

I find it interesting that the same Democrats who are so furious about McConnell’s posturing on the debt limit appear unable to accept that he might knowingly plunge the U.S. and global economy into chaos. Perhaps calling his bluff would work, but perhaps McConnell justifiably believes a debt default under Democratic management of government would produce Republican majorities in elections as far as the eye can see. No one has ever lost a bet by overestimating McConnell’s coldly calculating willingness to do unconscionable things. Just ask Merrick Garland.

https://www.msn.com/en-us/news/opinion/a-manufactured-debt-limit-crisis-is-a-bad-gamble-for-democrats/ar-AAParRj

[JohnSJ]

1. Let it fall. This is on the republicans and or Sinema and Manchin if they won't remove the

filibuster for this because McConnell has told his thugs to filibuster it

[Klaralven]

2. Pyrrhic victory

Pyrrhus later famously commented on his victory at Asculum, stating, "If we are victorious in one more battle with the Romans, we shall be utterly ruined".[36] It is from reports of this semi-legendary event that the term Pyrrhic victory originates.

[Drunken Irishman]

3. That's not how it'll be portrayed.

In a year, when we're in the middle of a great depression, Americans are going to blame the party that controls the White House, Senate and House.

Sure, you can point to the obstruction and essential filibuster we're seeing from the GOP currently... but while that may impact their standing right now, it will not last. Why? Because Americans have short memories.

If the economy has collapsed, the voting population will be angry and anger almost always hurts the party in power.

If the US defaults, and the economy is plunged into a recession or depression, I guarantee the Democrats will get wiped out next November and Biden will lose reelection in a landslide in 2024.

[Demsrule86]

4. The president is always blamed. And it would be catastrophic for our economy...nothing gets

a sitting president a one-term presidency like economy issues. Allowing the debt limit to be breached is unthinkable and would have decades-long ramifications.

[PortTack]

13. See post #12

[Demsrule86]

5. Seriously, we would likely enter a depression. No responsible pol from any party should allow this

to happen.

[JohnSJ]

7. Simple, don't filibuster the debt limit, or get rid of the filibuster.

[Demsrule86]

18. I would get rid of the filibuster in a heartbeat...I expect McConnell is telling Manchin and Sinema

that he won't allow a debt ceiling default... I think he lies.

[Silent3]

6. How is this a gamble by Democrats at all?

All except maybe two Democrats are more than ready to raise the debt limit and avert a crisis. It's the Republicans doing the gambling that this is worth it to hurt Democrats, no matter what the result.

[Mad_Machine76]

8. Exactly

[Bev54]

9. I agree, just another hit piece by the media putting it on the shoulders of the

democrats instead of putting the blame where it belongs, on the republicans. These hit jobs are getting easier to detect by most people now.

[Budi]

10. We would expect nothing less from Ed Kilgore 'Intelligencer'

..than an opinion article setting up the Media to pre-blame this on the DEMOCRATS.

Has Ed Kilgore ever written a piece that hasn't put a big fat finger of blame on the Democrats?

His opinion is worthless in the Halls of Congress where the actual work takes place.

Biden's Democrats will do what is best for this Country & it's people.
Not what Ed Kilgore wants us to believe in his leading piece.

He's got quite a "slanted" opinion, that is, in my opinion, which is every bit as worthy as his.

Gtfouttahere.

[PortTack]

12. Ppl here have short memories as well.. the gqp did this to President Clinton, a 2 term president

And President Obama.

Neither time worked out well for the gqp..look it up if you want

[Klaralven]

14. In 1995, Gingrich was Speaker and Dole was Majority Leader.

In 2011 and 2013 Boehner was Speaker and Reid was Majority Leader.

Split government is a different situation from what we have now, with a Democratic majority in both houses and the Presidency.

[PortTack]

15. I get that, but the blame fell squarely on the gqp because they were the ones that made it happen

If you recall Gingrich resigned.

[Demsrule86]

17. That is nonsense...Ginrgich's elecotoral losses had to do with Bill Clinton's impeachment...not

the debt ceiling and we didn't default. I do not think the Republicans will back down this time.

[Demsrule86]

16. In both instances, the GOP backed down. I don't think they will this time as they believe it is

their way back into power. Now Clinton was in 96 ... a lifetime ago and very different politics...the Obama years were worse of course, but the GOP still backed down...and I would say losing the Senate after this in 14 was not exactly a win...had we gone into default, I am convinced Pres. Obama would have lost in 12. A debt default would be a horrible thing and likely leading to a decades-long depression We will be blamed. I can't even imagine any here think a debt default is a good thing or this version of the GOP will back down...they probably won't.