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Washington’s Debt Limit Hyperventilation – Yet Again

Of all the promises that the rabblerousers won from new Speaker of the House Kevin McCarthy, the one we applaud the loudest is the announcement that Republicans will not pass a debt ceiling UNTIL substantial budget process reforms and spending cuts are secured.

But once again we have the inside-the-beltway crowd making the absurd argument that defaulting on the debt (which isn’t going to happen) is more dangerous than continuously running up the debt into the stratosphere.

This is like blaming a bank that won’t give a loan to someone who’s millions of dollars in debt with no plan to repay it, for the deadbeat’s financial problems.

So we laughed out loud when we read this commentary from the New York Times: “Economists, Wall Street analysts and political observers are warning that the concessions he made to fiscal conservatives could make it very difficult for Mr. McCarthy to muster the votes to raise the debt limit.”

But these yoyos don’t seem to understand that what the conservatives in the House are demanding is spending reduction reforms so we don’t have to raise the debt ceiling by ever larger amounts over and over and over.

House Republicans are being smart and strategic by letting the White House and the Senate Democrats know there will be no budget deal and no debt ceiling expansion UNTIL the spending cuts are implemented. If not, here is the fiscal future we face…

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