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Keith Wheelock's avatar

I have commented several times in recent days on the debt calumny that Heather so chillingly describes. Over the past generation the Republicans—Newt Gingrich, Mitch McConnell, and Donald Trump—have six times pushed the country into temporary financial closure and employed the raising of the debt limit as their shibboleth. This is the height of fiscal irresponsibility. A temporary financial shutting down of government would abruptly suspend virtually all payments, including Social Security, FEMA, compensation for vital employees, and more. Refusal to expand the debt limit to permit payment for expenditures already authorized by Congress is nihilism to the highest degree.

At one time I was responsible for rating the credit of debt issued by sovereign states and corporations worldwide. Debt default (technically the non-payment of interest or principal on the promised date) is a most serious matter. A few years ago Standard and Poors dropped the credit rating of the U. S. Government below it’s top (AAA) level because of it’s concern about the ‘full faith and credit’on the U. S. Government.

Mitch McConnell is playing a game of chicken with the finances of the U. S. Government. In such an event, it is possible for the Democrats to prevent debt default unilaterally. This may ultimately be necessary, but McConnell’s irresponsibly partisan gun-to-head approach is simply further evidence that he and his sycophants are playing Russian roulette with the financial credibility of the United States. Trump has boasted of six major bankruptcies in which he stiffed his banks and investors and siphoned off major tax credits for himself. McConnell is following in the footsteps of his master.

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Scott F. Brown's avatar

It's time for Democrat and Independent lawmakers to wake up; no reading between the lines necessary as McConnell is doing exactly what he promised to do. Solution? Double down in the best possible way. More carve outs for the filibuster on voting rights. Pass the necessary funding bills quickly by whatever means available. Take complete ownership of the Biden economic agenda now. The real risk is delay. The country needs time to see and experience the positive effects of the Biden agenda prior to November 2022. The time for hope and hand wringing is past. Delay gives Republicans more time to foment the chaos they believe will help them achieve their reactionary, discriminatory agenda.

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