Washington Post Editorial Board: The Nation Faces Financial Calamity. Republicans Will be to Blame

September 27, 2021

From the Speaker’s Press Office:

Last week, House Republicans voted unanimously to default on our debt, kill six million jobs, rip away $15 trillion in household wealth, stop paychecks to members of our military, and freeze Social Security payments to seniors.

Over the weekend, the Washington Post Editorial Board called out Washington Republicans for their decision to risk the full faith and credit of the United States.

Read key points from their editorial:

Washington Post Editorial Board: The nation faces financial calamity. Republicans will be to blame.

  • The nation faces an epochal financial disaster if Congress fails to raise the debt limit, forcing the country to default on its obligations and inviting a global financial panic.
  • If that happens, there will be no doubt about who is at fault: Senate Minority Leader Mitch McConnell (R-Ky.) and his Republican caucus, who are playing games with the full faith and credit of the United States.
  • Democrats joined with Republicans to suspend the debt ceiling during the Trump administration. But Mr. McConnell suddenly declares that the majority is solely responsible for performing this unattractive task, even though he pioneered the routine use of the filibuster to force any and all Senate legislation to overcome a 60-vote threshold.
  • Meanwhile, the treasury is on the verge of running out of money.
  • Never mind that raising the debt limit does not approve any new spending; it merely permits the treasury to finance the spending Congress already has okayed.
  • National default should be unthinkable, and the need to avoid default should not be viewed as a political opportunity. Even if Democrats manage to force through a debt limit hike this time, Mr. McConnell’s out-of-nowhere standard placing all the responsibility on the majority party will make it much harder to lift the debt ceiling going forward, and correspondingly more likely that the nation will one day walk off the cliff even if it manages to step back now.
  • Time’s up. It’s hard to see how anyone professing patriotism could willfully risk inflicting this kind of harm on the nation.