Are half of House Republicans really willing to let the U.S. default?
Economic suicide is a real option for scores of lawmakers, says Politico
Unless Congress acts, the U.S. will run out of money to pay its bills in late February or March — at which point, economic chaos would (at least theoretically) break loose. And yet, more than half of Republicans in the House are willing to allow such a catastrophe as a way of forcing President Obama to agree to steep spending cuts, according to Politico:
These lawmakers appear to be severely underestimating the fallout from a default. The U.S.'s budget deficit — mainly driven by entitlement programs, and exacerbated in recent years by the Great Recession, the Bush tax cuts, and the wars in Iraq and Afghanistan — is indeed too big, but the deficit's short-term impact on the economy has so far been negligible, and pales in comparison to what would happen under default. Matthew O'Brien at The Atlantic explains:
House Republicans are demanding a "dollar-for-dollar decrease in spending in the time period covered by the debt increase," reports Politico. That means a $1 trillion increase in the ceiling would, in an ideal House GOP world, result in $1 trillion in spending cuts — right now. Even some conservative writers are baffled by this suggestion. As Conn Carroll at The Washington Examiner writes:
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
If the House GOP really is as adamant as Politico reports, the Obama administration's best hope may be to negotiate a deal with Republicans in the Senate, and shame the House into allowing the bill to come to the floor. Or perhaps the White House may want to reconsider its decision to take the $1 trillion coin off the table.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Ryu Spaeth is deputy editor at TheWeek.com. Follow him on Twitter.
-
The Nutcracker: English National Ballet's reboot restores 'festive sparkle'
The Week Recommends Long-overdue revamp of Tchaikovsky's ballet is 'fun, cohesive and astoundingly pretty'
By Irenie Forshaw, The Week UK Published
-
Congress reaches spending deal to avert shutdown
Speed Read The bill would fund the government through March 14, 2025
By Peter Weber, The Week US Published
-
Today's political cartoons - December 18, 2024
Cartoons Wednesday's cartoons - thoughts and prayers, pound of flesh, and more
By The Week US Published
-
US election: who the billionaires are backing
The Explainer More have endorsed Kamala Harris than Donald Trump, but among the 'ultra-rich' the split is more even
By Harriet Marsden, The Week UK Published
-
US election: where things stand with one week to go
The Explainer Harris' lead in the polls has been narrowing in Trump's favour, but her campaign remains 'cautiously optimistic'
By Harriet Marsden, The Week UK Published
-
Is Trump okay?
Today's Big Question Former president's mental fitness and alleged cognitive decline firmly back in the spotlight after 'bizarre' town hall event
By Harriet Marsden, The Week UK Published
-
The life and times of Kamala Harris
The Explainer The vice-president is narrowly leading the race to become the next US president. How did she get to where she is now?
By The Week UK Published
-
Will 'weirdly civil' VP debate move dial in US election?
Today's Big Question 'Diametrically opposed' candidates showed 'a lot of commonality' on some issues, but offered competing visions for America's future and democracy
By Harriet Marsden, The Week UK Published
-
1 of 6 'Trump Train' drivers liable in Biden bus blockade
Speed Read Only one of the accused was found liable in the case concerning the deliberate slowing of a 2020 Biden campaign bus
By Peter Weber, The Week US Published
-
How could J.D. Vance impact the special relationship?
Today's Big Question Trump's hawkish pick for VP said UK is the first 'truly Islamist country' with a nuclear weapon
By Harriet Marsden, The Week UK Published
-
Biden, Trump urge calm after assassination attempt
Speed Reads A 20-year-old gunman grazed Trump's ear and fatally shot a rally attendee on Saturday
By Peter Weber, The Week US Published