Speaker Kevin McCarthy sold out conservatives in the debt-ceiling deal since it includes no cuts to current spending or to the Biden budget package. Reductions to future spending and to the rates of spending increases are not cuts to current spending.
McCarthy ignored the budget package his House passed and sent to the Senate. He punted. A weakling. A CINO (Conservative in Name Only).
If McCarthy just stood his ground without passing any bill, then the current ceiling would become the constraint on additional spending. Spending would be constrained by income. Spending could not exceed income – a concept unknown to Washington. McCarthy would do a better service for conservatives to pass no bill. None. Then Congress and the White House would be forced to limit spending to income (taxes and other federal revenues).
Defaults? No, none. There will be no automatic defaults on debt just because the debt ceiling is not raised. None. Tax income will continue to flow into the government to pay debts and interest on those debts. Debts and interest on those debts would be paid first from tax revenues, just the same as how average Americans are forced to pay debts first from their income (mortgage gets paid first, loans get paid first). This is how states must operate since states cannot spend more than income by law.
These politicians and pundits are gaslighting Americans. Scare tactics.
As I urged four months ago, Congress should not increase the debt ceiling.
Every Republican should vote no on the Biden/McCarthy deal. Leave the current debt level in place, and then see what happens. Lots of expenses would then be cut and debt obligations would still be paid. Congress and the White House would have no choices … except about what to cut.
If the debt ceiling is not raised, then increasing spending based on an increased debt ceiling would not be an option. The choices/negotiations between McCarthy and Biden would be about what to cut now. And those are exactly the choices we want them to make.
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