You may remember the late US Senator John McCain’s famous call for the Senate to return to “regular order” while it considered an unorthodox Republican plan to repeal the Affordable Care Act some years ago.
The debt ceiling increase vote is not the regular order for dealing with spending decisions. As has been stated many times, the need for an increase not about future spending, but about paying debts already incurred. But with what seemed to be a gun to its head, the Biden administration agreed to negotiate with the GOP House leadership over a series of Republican fiscal demands, and a tentative deal was reached. There were sacrifices – and benefits – for both sides, and we’re hearing some “attaboys” about bipartisanship, but the deal is far from done, and the wings of both parties have lots of unhappy campers.
There will be more attaboys (and girls) and sighs of relief if the crisis is averted at the last second, but why should it have been permitted to get this close in the first place? Did we really need this thrill ride? The doubt that has been planted in our minds, and the minds of others all over the world, about our full faith and credit has done plenty of damage already. As many of us learned in school, deadlines do force us to get something done, but simply beating a deadline doesn’t mean it was done well.
Meanwhile, we have a former President out there who hints that maybe default isn’t such a bad thing. So, we’re getting financial advice from someone who has suffered several business bankruptcies and who has a reputation for not paying HIS bills. Thanks very much.
This debate smacks of children playing with explosives. The fact is, the House already has the power of the purse, and there is a regular-order budgetary process to work out fiscal issues. True, a dispute even under the regular order process could force a government shutdown later on - a terrible thing, but not nearly as bad as welching on our debts.
What’s going on now may seem like an inside-the-beltway squabble among politicians, but those of us outside can’t be blamed for feeling left out of a critical discussion that affects us. This isn’t just their debt, it’s ours too. We have to do better than sit on the sidelines, shake our heads and say, “Ain’t it a shame?”