Paul Krugman: 'No, raising the debt limit doesn’t give the president free rein to spend whatever he wants. It simply allows the government to honor its promises.'
House Speaker Kevin McCarthy speaks to reporters during a press conference in Statuary Hall on Capitol Hill, in Washington on Thursday, Jan. 12, 2023. McCarthy has said it is President Biden and his allies who are acting recklessly regarding the debt ceiling.A few days ago, I received an automated text from my bank. For some reason, the bank’s algorithm flagged a valid charge on my debit card as potentially questionable; the text asked me to verify the purchase.
Unfortunately, a quirk in the U.S. budget process requires Congress, having enacted budget legislation, to vote again to authorize the Treasury to raise the funds needed to follow the law. And Republicans — who had no problem with large-scale borrowing when Donald Trump was in the White House — are now getting ready to weaponize that quirk.
A debt crisis, then, would be bad and possibly catastrophic. So, should Democrats give in to Republican demands? First, while it remains baffling that Democrats didn’t raise the debt limit while they still controlled Congress, there could yet be a legislative solution: Democrats could seek a “discharge petition” to force a vote on raising the debt limit despite opposition from GOP leaders. This would both take time and require support from a handful of sane Republican House members. But it’s surely worth trying.
These would, of course, be financial gimmicks. So? If it takes gimmickry to frustrate the schemes of destructive extremists empowered by a legal quirk and, thereby, avoid financial catastrophe, so be it.
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