The deadline is fast approaching for Congress to approve raising the debt ceiling, and the liberal media is astonished that Republicans will not simply go along with it. The increase, which needs Republican support to pass, is one requirement for the passage of the Biden administration’s exorbitant $3.5 trillion budget plan. Without increasing the debt ceiling, the US government cannot go into further (massive) debt.
On CNN Newsroom on Thursday afternoon, the anchors and guests agreed the Republicans’ lack of support for the Democrats’ excessive spending “could cause…irreparable damage to both the domestic economy but also the international economy.” In short, if Republicans don’t submit to the Democrats’ demands, the Republicans are somehow to blame for the consequences.
Co-host Victor Blackwell complained: “in 2019, Mitch McConnell said that there was zero chance, no chance at all that Congress would not raise the debt ceiling because they know that the full faith and credit of the U.S. government was on the line. Now he is saying, well, Democrats can handle it, I’m not bluffing. We’ve got this letter from the Business Roundtable to leaders in Congress. The Treasury Secretary now trying to call Mitch McConnell to say, ‘You have to do this.’ This used to be marginalia in the Republican Party, not lifting the debt ceiling. How did it get to the center of the Party and the impact if it is not raised?”
“The [Republican] party has gotten crazier,” answered Washington Post columnist Catherine Rampell. She went on to say,
“It is unfortunate that Democrats always have to be the party that is the adult on the issue because, of course, Democrats also voted for raising the debt ceiling while Trump was president. But that’s where we are. I think it is kind of foolish at this point for Democrats to assume that Republicans will do the right thing and not bring us to the verge of financial crisis again, given that they’ve done it before.”
Of course, this patronizing interpretation of the facts suggests that it is the duty of members of Congress, no matter what, to pave the way for trillions of dollars of additional spending and usher in unsustainable debt.
Not only is this viewpoint misguided and fiscally irresponsible, but it also deeply misunderstands the purpose of opposing the debt ceiling increase in the first place: to slow down the juggernaut of national debt. Even Democrat Joe Manchin (D-WV) has said that he will not vote for the $3.5 trillion budget, expressing concerns over the Democrats’ rushed approach and the enormous amount of debt looming on the horizon.
But CNN congressional correspondent Jessica Dean complained that Republicans were harming progress with their delays: “Remember, while they’re dealing with all of this, that is taking time away. They also need to be dealing with this massive economic package and also funding the government.”
The Democrats and their supporters in the media have grown accustomed to a pattern of reckless spending. Perhaps this will be a wake-up call to the nature of debt and its consequences.
This CNN segment was sponsored in part by DirecTV and USAA.
The relevant portions of Thursday’s transcript are below. Click “expand” to read:
CNN Newsroom
09/16/21
2:31:37 pm
ALISYN CAMEROTA: Then, Jessica, in the next couple of weeks, there’s also the perennial favorite topic of the debt ceiling needing to be raised. Senator Mitch McConnell has basically staked out the position we’re not going to do that or Republicans are not going to help with that. But, obviously, during the Trump administration, they recognized that the United States can’t default on their debts. So where does that leave us?
JESSICA DEAN: Right. Well, the Democrats have kind of limited options right now as they’re looking around trying to figure out how to sort through this debt limit situation. As you point out, Alisyn, they raised it in the past when President Trump was president. And Majority Leader Chuck Schumer mentioned that to us just yesterday. He said, you know, we all came together in a bipartisan way then. The bottom line is the debt ceiling has to be lifted so the United States does not default. This could cause, as the treasury secretary, Janet Yellen, has said, irreparable damage to both the domestic economy but also the international economy. There’s a lot riding on this. Right now, politically and strategically, Democrats are thinking that perhaps the best way to do this is to roll it into the continuing resolution, the C.R., which is also just the budget, and hope that they can get the votes they need. House Speaker Nancy Pelosi told me it is not going in reconciliation. Although, we heard from Leader Schumer yesterday and he was a little more vague, didn’t say directly, exactly what their plan is. We know that they are talking with the White House, that they’re talking to each other. In fact, we also know that President Biden is speaking with House Speaker Pelosi and Majority Leader Chuck Schumer today. This definitely coming up, and this is very critical. Remember, while they’re dealing with all of this, that is taking time away. They also need to be dealing with this massive economic package and also funding the government. So there’s just a lot at play right now.
VICTOR BLACKWELL: Catherine, in 2019, Mitch McConnell said that there was zero chance, no chance at all that Congress would not raise the debt ceiling because they know that the full faith and credit of the U.S. government was on the line. Now he is saying, well, Democrats can handle it, I’m not bluffing. We’ve got this letter from the business roundtable to leaders in Congress. The treasury secretary now trying to call Mitch McConnell to say, “You have to do this.” This used to be marginalia in the Republican Party, not lifting the debt ceiling. How did it get to the center of the Party and the impact if it is not raised?
CATHERINE RAMPELL: Republicans have been taking the debt ceiling hostage for years now. I’m old enough to remember, back in 2011, when there was a showdown over the debt ceiling by Republicans. They would not raise the debt ceiling and, again, put the entire global economy on the verge of a financial crisis. They wouldn’t do it then. Since then, of course, the party has gotten crazier. I think Democrats should take Mitch McConnell, unfortunately, at his word. He is not consistent. Just because he was willing to raise the debt ceiling under a Republican president doesn’t mean that there’s any principle there that would suggest he would do the same under a Democratic president. And the brinkmanship could be real. It is unfortunate that Democrats always have to be the party that is the adult on the issue because, of course, Democrats also voted for raising the debt ceiling while Trump was president. But that’s where we are. I think it is kind of foolish at this point for Democrats to assume that Republicans will do the right thing and not bring us to the verge of financial crisis again, given that they’ve done it before.
CAMEROTA: Alright. Catherine Rampell, Jessica Dean, Jeff Zeleny, thank you all very much.