The nation has, once again, maxed out its credit card. I’m referring to the $31.4 trillion dollar limit on gross federal debt.
A “debt limit crisis” is most definitely not a “crisis” in the sense of a sudden set of extraordinary and dangerous circumstances. It is, rather, a regularly recurring moment of American political Kabuki.
When power to raise the debt limit is divided between Democrats and Republicans, getting to an agreement can be tedious.
Congressional Republicans will triumph only if they can agree on a few reasonable demands—and then make those demands specific, understandable, and public; and repeat those demands again and again and again on every television set and over every radio show and podcast.
So: What’s the GOP’s ask? Spending cuts, cutting appropriations for the 87,000 new IRS staff agents, and a tangible commitment to a border wall are among the candidates but there is no consensus yet.
If they can get to that consensus without cutting defense spending, it would be an early win for the new House majority.
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