Yet again, as Democrats are dazed, dividido, y desesperado, the Senate Republican leader rides to their rescue.
McConnell, Kentucky’s senior senator, is bailing out Senate Majority Leader Chuck Schumer (D, Nueva York). McConnell will deliver enough GOP votes to help Democrats increase the national debt limit by $ 480 billion through December. The Senate reportedly will vote today on this bipartisan fiscal-recklessness pact.
If McConnell planned to collapse beneath Schumer’s pressure, he should have done so quietly. En lugar de, McConnell very dramatically persuaded Senate Republicans unanimously to ignore Schumer’s and President Biden’s cheap default drama and, en lugar de, invite him, Pelosi, and Biden to push Democrats to boost borrowing thresholds on their own.
McConnell held a news conference to highlight GOP unity. Having displayed resolve and rallied the Republican base, McConnell now whips out his oft-deployed white flag, just as the battle began. This will enrage and demoralize Republicans who, just days ago, were girding for a major fight over fiscal responsibility.
Mitch McConnell? He’s more like Mitch McClellan.
“Mitch caved,” Senator Elizabeth Warren (D, Massachusetts) crowed Wednesday. She told The Hill: “And now we’re going to spend our time doing childcare, cuidado de la salud, and fighting climate change.”
Had McConnell’s nerve not vanished like a sandcastle at high tide, he could have forced Democrats to walk and chew an entire turkey at the same time. Grappling with the debt limit would have disoriented through much of October, even as House Speaker Nancy Pelosi (D – California) scrambles to pass the $ 1.2 trillón “infraestructura” bill and Biden’s $ 3.5 trillion Build Back Better tax-hike and welfare boondoggle before her self-imposed Halloween deadline. Mitch’s debt-limit giveaway lets Democrats drop that Butterball and march single-mindedly toward their socialist utopia.
Peor aún, McConnell let himself be spooked by Democrats’ loud lies.
The warnings about America facing an October 18 Argentine-style national-debt default are pure rubbish. Belief in this myth reflects a confluence of Democrat deceit and economic illiteracy. Alas, McConnell is among the illiterates.
The national debt is like a giant personal credit card. If Jack Jones owes $ 5,000 on his MasterCard, he would not default on November 1, if he could not scrape together $ 5,000. He only would default if he failed to make the minimum payment of, decir, $ 250. If Jones sends MasterCard $ 250, everybody is happy.
igualmente, Uncle Sam would not default if he could not pay America’s $ 28.8 trillion national debt this month. sin embargo, if he missed his monthly debt-service obligations, only then America would default. Washington can avoid default simply by underwriting interest payments on the national debt, not by coughing up the underlying principal.
Despite shouted Democrat lies, America is not careening toward fiscal ruin.
sí, Washington should slash spending and leave new entitlements unlaunched. The budget axes and machetes should be sharp and in perpetual motion.
But there is neither a need nor an expectation that Washington suddenly would fill this Grand Canyon of red ink. So long as Treasury covers the monthly minimum on the national-debt “credit card,” there will be peace in the valley.