Biden Doesn't Need Congress to Avoid a Debt-Ceiling Crisis - Blinder WSJ

[question everything]

(Mr. Blinder, a professor of economics and public affairs at Princeton, served as vice chairman of the Federal Reserve, 1994-96.

I admit, I did not follow it, but perhaps others will find this of interest)

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(snip)

The national debt ceiling is a numerical limit, set by law, on total U.S. government borrowing. Prior to a 1917 act of Congress, the Treasury needed congressional approval for every new issue of debt. World War I made that cumbersome, to say the least, so Congress switched to an overall limit on total borrowing—which has been raised numerous times since then.

If the budget enacted each year implies more borrowing than the limit allows, Congress typically raises the limit without much fuss. It’s routine because the federal budget is usually in deficit, requiring the Treasury to borrow more each year. If the debt ceiling prohibits the Treasury from borrowing enough, the government would have to renege on some commitments—with unknowable but likely horrible consequences, such as a financial crisis and a recession.

(snip)

We lived through debt-ceiling crises in 1995-96, 2011 and 2013. In each case, congressional Republicans used the threat of default to try to bend a Democratic president to their will. In each case, default was avoided at the last moment, averting catastrophe. Today, House Republicans are again using the threat of default to get President Biden to accept budget cuts that he doesn’t want—and that they haven’t named. The problem isn’t economic. The U.S. government has the wherewithal to pay all its bills in full and on time. It’s purely political. The issue is whether rank partisanship will force the U.S. into default.

(snip)

The 14th Amendment to the Constitution states that “the validity of the public debt of the United States . . . shall not be questioned.” If reneging on the public debt is unconstitutional, does that mean that other legitimate claimants—such as federal contractors or Social Security recipients—must be stiffed? Defaulting on any obligation of the U.S. government is reckless, and defaulting on the national debt is unconstitutional. That should end the debate.

https://archive.is/DRTR2

[Walleye]

1. Is it the job of Congress to raise the debt limit, why is the onus on the President

And why don’t the Republicans just come up with some policies that are supported by public sentiment, then they wouldn’t have to use extortion to get them passed

[SCantiGOP]

2. That's a rational question

The point here is who gets blamed - regardless of the facts - they for the really bad impact if we have a shutdown.
I think most of the middle 20% who aren’t already locked in to one side or the other will blame the GOP House, which is why they are in deep shit right now.

[Walleye]

3. I think so too, how long can they go around fucking things up and expect not to be blamed

The only ones threatening to directly harm the economy and the United States are the House Republicans. They haven’t even opened up any floor to be on the subject

[republianmushroom]

4. As long as the democrats keep bailing them out.

Then they can and will keep blaming the democrats for all problems.

[Walleye]

5. I guess we Democrats love our country as much as the Republicans pretend to

Our problem is we refuse to betray our morals and principles just to win elections. Republicans have no such compunction

[republianmushroom]

6. Nailed it