Moody’s Chief Economist to Republicans: Raising Debt Ceiling Must Be Bipartisan
From the Speaker’s Press Office:
Moody’s Analytics Chief Economist Mark Zandi has joined the growing number of economists, Republican officials, and business leaders calling on Republicans to stop playing politics with the deficit.
After warning yesterday that defaulting on our debt could cost us 6 million jobs and wipe out $15 trillion in household wealth, Zandi is calling for a bipartisan raising of the debt ceiling.
“So this is bipartisan. We got into this mess in a bipartisan way. It only makes sense that it should be bipartisan to ensure we don’t have this cataclysmic event.”
CNN Anchor: What’s your message than to Republicans who are saying ‘Democrats just go it alone. You have the numbers. We don’t want to own this extra debt and having to raise the ceiling’. Even though they did it three times under Trump. I mean, if it isn’t done in a bipartisan way, what’s the impact?
Zandi: Well, you know, I think, the message I’d say that I’d give is that this is a shared responsibility. You know, both Democrats and Republicans over the years have come together and voted for legislation that means higher budget deficits and debt. You know, the $3 trillion that were passed last year in 2020 to help the economy navigate through the pandemic, that was all bipartisan. You know? Now the American Rescue Plan – that was the Biden $1.9 trillion package passed in March – that was done under reconciliation by the Democrats. But you know Republicans also passed under reconciliation tax cuts under President Trump that were just about the same. So both parties here are adding to deficits and debt by the votes they made in the past and all that’s happening now is you have to raise the debt limit to make sure the government can finance what you already voted for. So this is bipartisan. We got into this mess in a bipartisan way. It only makes sense that it should be bipartisan to ensure that we don’t, you know, have this cataclysmic event.
Unfortunately, McConnell, McCarthy, and the rest of the GOP are willing to allow the country to suffer drastic economic consequences in order to score political points instead of working with Democrats to raise the debt ceiling.