Mitch McConnell sends Joe Biden another debt ceiling hostage note
The day after Senate Majority Leader Mitch McConnell blinked and scraped together 11 Republican senators to prevent a global economic meltdown, he was back to making threats to blow it all up in December. Next time, Senate Minority Leader Mitch McConnell said in a typically obnoxious letter to President Joe Biden, next time Republicans are really going to blow up the global economy. Oh, and he took credit for not blowing up the global economy. Because of course he did.
Never mind that it was essentially a face-saving exercise on his part because being dragged into doing the right thing did not go over well with his fellow Republicans. "Republicans are folding here," Sen. Lindsey Graham of South Carolina railed. "This is a complete capitulation."
"The reason the Republican leadership took the deal is because Democrats threatened […] to nuke the filibuster," Sen. Ted Cruz, Texas' answer to the Zodiac Killer said. "Unfortunately, Republican leadership blinked in the face of the Democratic threat to nuke the filibuster." That's Cruz, by the way, trying to deflect attention from his own self, because the Republicans were ready to agree to letting a simple majority pass the debt ceiling hike in a voice vote. It was Cruz who refused to go along with that, and insisted on a recorded vote. Meaning every Republican had to go on record on their willingness to blow up the economy.
While we're talking filibuster, though, yes. That. And while we're at it, get rid of the filibuster and the whole concept of the debt ceiling in one go.
There's no guarantee that McConnell is going to capitulate again on or before December 2. He remains intent on forcing Democrats to include hiking or suspending the debt ceiling in their reconciliation bill that will include President Biden's Build Back Better human infrastructure and climate initiatives. Lumped together, he believes, the debt and the new package will provide a message for the Republicans who, frankly, need it. Because all they've got right now is "Trump."
Unfortunately, it's a message that certain Democrats fear and are happy to amplify. It's unfortunate, because a) the debt ceiling is about the money the government has already spent with a huge chunk of it attributed to the GOP tax scam of 2017, and b) the things they would be spending money on are massively popular. That's even though they don't really know these plans are in the big package.
In the new CBS polling, which shows that public knowledge about Biden's plans is not good, 88% of support federal funding for lowering prescription drug prices; 84% support federal funding for Medicare coverage for dental/eye/hearing care; 73% support federal funding for paid family/medical leave; 67% support federal funding for universal pre-school. Those majorities are going to be swayed a lot more by those things making their lives better than by the cost. Because that's how it works. Which McConnell knows and which is why, in a recent example, the Republicans fought so hard to keep the Affordable Care Act from passing and then getting established.
McConnell is keeping the two fronts of this fight—debt ceiling and the reconciliation bill—tied together to kill the latter. But there is a very straightforward path for Democrats: nuke the filibuster. They could do just a carve-out for the debt ceiling (to go with the 161 exceptions that already exist), but that would be pretty crappy considering they haven't yet decided to do it to restore the Voting Rights Act, you know, saving democracy.
Treasury Secretary Janet Yellen is all for making the debt ceiling as an issue go away. "[T]here is an enormous amount at stake," Yellen told George Stephanopoulos on ABC's "This Week" Sunday. "A failure to raise the debt ceiling would probably cause a recession and could even result in a financial crisis," she continued.
"I have said I support, personally, getting rid of the debt ceiling. I believe that, once Congress and the administration have decided on spending plans and tax plans, it's simply their responsibility to pay the bills that result from that," she said. "And that means we have had deficits for most of the post-war period. And that means raising the debt ceiling. It is a housekeeping chore. [W]e should be debating the government's fiscal policy when we decide on those expenditures and taxes […] not when the credit card bill […] comes due."
That's all very true, as is the threat we exist under that, next time, Republicans are going to force a breach. Better that Democrats to take that threat away entirely, and soon.
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